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South Carolina FHA Loans

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2023 South Carolina FHA Loan Requirements

South Carolina FHA Loan | Requirements | 2023 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in South Carolina.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

South Carolina FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in South Carolina.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2023 FHA loan limits for all counties in South Carolina below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in South Carolina.  To have an FHA lender contact you, request a free consultation.

2023 South Carolina FHA Loan Limits

Below are the 2023 FHA loan limits for every county in South Carolina:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ABBEVILLE  $472,030  $604,400  $730,525  $907,900
AIKEN  $472,030  $604,400  $730,525  $907,900
ALLENDALE  $472,030  $604,400  $730,525  $907,900
ANDERSON  $472,030  $604,400  $730,525  $907,900
BAMBERG  $472,030  $604,400  $730,525  $907,900
BARNWELL  $472,030  $604,400  $730,525  $907,900
BEAUFORT  $485,300  $621,250  $750,950  $933,300
BERKELEY  $538,200  $689,000  $832,850  $1,035,000
CALHOUN  $472,030  $604,400  $730,525  $907,900
CHARLESTON  $538,200  $689,000  $832,850  $1,035,000
CHEROKEE  $472,030  $604,400  $730,525  $907,900
CHESTER  $472,030  $604,400  $730,525  $907,900
CHESTERFIELD  $472,030  $604,400  $730,525  $907,900
CLARENDON  $472,030  $604,400  $730,525  $907,900
COLLETON  $472,030  $604,400  $730,525  $907,900
DARLINGTON  $472,030  $604,400  $730,525  $907,900
DILLON  $472,030  $604,400  $730,525  $907,900
DORCHESTER  $538,200  $689,000  $832,850  $1,035,000
EDGEFIELD  $472,030  $604,400  $730,525  $907,900
FAIRFIELD  $472,030  $604,400  $730,525  $907,900
FLORENCE  $472,030  $604,400  $730,525  $907,900
GEORGETOWN  $472,030  $604,400  $730,525  $907,900
GREENVILLE  $472,030  $604,400  $730,525  $907,900
GREENWOOD  $472,030  $604,400  $730,525  $907,900
HAMPTON  $472,030  $604,400  $730,525  $907,900
HORRY  $472,030  $604,400  $730,525  $907,900
JASPER  $485,300  $621,250  $750,950  $933,300
KERSHAW  $472,030  $604,400  $730,525  $907,900
LANCASTER  $472,030  $604,400  $730,525  $907,900
LAURENS  $472,030  $604,400  $730,525  $907,900
LEE  $472,030  $604,400  $730,525  $907,900
LEXINGTON  $472,030  $604,400  $730,525  $907,900
MCCORMICK  $472,030  $604,400  $730,525  $907,900
MARION  $472,030  $604,400  $730,525  $907,900
MARLBORO  $472,030  $604,400  $730,525  $907,900
NEWBERRY  $472,030  $604,400  $730,525  $907,900
OCONEE  $472,030  $604,400  $730,525  $907,900
ORANGEBURG  $472,030  $604,400  $730,525  $907,900
PICKENS  $472,030  $604,400  $730,525  $907,900
RICHLAND  $472,030  $604,400  $730,525  $907,900
SALUDA  $472,030  $604,400  $730,525  $907,900
SPARTANBURG  $472,030  $604,400  $730,525  $907,900
SUMTER  $472,030  $604,400  $730,525  $907,900
UNION  $472,030  $604,400  $730,525  $907,900
WILLIAMSBURG  $472,030  $604,400  $730,525  $907,900
YORK  $472,030  $604,400  $730,525  $907,900

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