South Carolina FHA Loan Limits

South Carolina FHA loanSouth Carolina FHA Loan and FHA Loan Limits

 

What is the FHA?

The Federal Housing Administration (FHA) was established as a result of the Great Depression to help the housing industry. The FHA remains committed to help potential home buyers who do not fit standard financing requirements, like having a credit history or perhaps evidence of income.

 

Is there any type of income restrictions for an FHA-backed mortgage?

No

 

Do I need to be a first-time home buyer to utilize the FHA mortgage loan program?

No, however many South Carolina first time home buyers choose the FHA program because of the minimal down payment (3.5%) and seller paid settlement costs.

 

Do I need a large lump sum of money upfront to buy a house with an FHA loan?

No. The FHA down payment requirement is just 3.5%. For example, purchase price = $200,000 X 3.5% = $7,000.

 

How can I qualify for an FHA mortgage?

If you have a good track record of paying your monthly bills on time and you do not currently have an FHA mortgage loan, there’s a good possibility you will qualify for an FHA home loan. Only an approved FHA mortgage provider can assess whether you meet the requirements for an FHA loan.

 

Where can my down payment funds come from?

You can pay 100% of the down payment with grants or gifts from family, relatives, or endorsed organizations.

 

Can the home seller pay any of my fees or closing costs?

The FHA allows the seller to pay as much as 6% of the purchase price toward the closing costs.

 

Does the Federal Housing Administration actually issue the mortgage loan?

No. The FHA insures the mortgage loan. The Federal Housing Administration levies insurance on the mortgage. If a borrower defaults on a loan the FHA uses the financing from these insurance premiums to compensate the lender. This is how the FHA encourages banks to provide mortgages to otherwise higher-risk applicants.

 

Is applying for a South Carolina FHA loan complicated?

Generally, it’s definitely not as hard as getting the traditional conventional mortgage loan.

 

I want to refinance. Does the FHA offer a refinance loan or refinance program?

The FHA provides a streamline refinance program for homeowners who currently have a FHA mortgage loan and desire to refinance to lower monthly payment. In some cases you can do this with no upfront costs.  Homeowners can additionally get a cash-out loan refinance whether or not or not the mortgage you are refinancing is an FHA loan. With a cash out refinance, you can get as much as 85% of the value of the house.

 

Is there a maximum purchase price with a South Carolina FHA loan?

No, but there is a maximum loan amount based on the South Carolina county – see below.

 

South Carolina FHA Loan Limits 2016

One-Family is a single family home or condominium
Two-Family is two separate living units (duplex)
Three-Family three separate living units (triplex)
Four-Family  four separate living units (fourplex)

 

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price MSA Name MSA Code
ABBEVILLE $271,050 $347,000 $419,425 $521,250 $92,000 GREENWOOD, SC 24940
AIKEN $271,050 $347,000 $419,425 $521,250 $185,000 AUGUSTA-RICHMOND , GA-SC 12260
ALLENDALE $271,050 $347,000 $419,425 $521,250 $23,000 NON-METRO 99999
ANDERSON $271,050 $347,000 $419,425 $521,250 $169,000 GREENVILLE-ANDERSON-MAULDIN, SC 24860
BAMBERG $271,050 $347,000 $419,425 $521,250 $34,000 NON-METRO 99999
BARNWELL $271,050 $347,000 $419,425 $521,250 $42,000 NON-METRO 99999
BEAUFORT $350,750 $449,000 $542,750 $674,500 $253,000 HILTON HEAD ISLAND-BLUFFTON-BEAUFORT, S 25940
BERKELEY $333,500 $426,950 $516,050 $641,350 $290,000 CHARLESTON-NORTH CHARLESTON, SC 16700
CALHOUN $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
CHARLESTON $333,500 $426,950 $516,050 $641,350 $290,000 CHARLESTON-NORTH CHARLESTON, SC 16700
CHEROKEE $271,050 $347,000 $419,425 $521,250 $60,000 GAFFNEY, SC 23500
CHESTER $280,600 $359,200 $434,200 $539,600 $244,000 CHARLOTTE-CONCORD-GASTONIA, NC-SC 16740
CHESTERFIELD $271,050 $347,000 $419,425 $521,250 $64,000 NON-METRO 99999
CLARENDON $271,050 $347,000 $419,425 $521,250 $94,000 NON-METRO 99999
COLLETON $271,050 $347,000 $419,425 $521,250 $95,000 NON-METRO 99999
DARLINGTON $271,050 $347,000 $419,425 $521,250 $125,000 FLORENCE, SC 22500
DILLON $271,050 $347,000 $419,425 $521,250 $18,000 NON-METRO 99999
DORCHESTER $333,500 $426,950 $516,050 $641,350 $290,000 CHARLESTON-NORTH CHARLESTON, SC 16700
EDGEFIELD $271,050 $347,000 $419,425 $521,250 $185,000 AUGUSTA-RICHMOND , GA-SC 12260
FAIRFIELD $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
FLORENCE $271,050 $347,000 $419,425 $521,250 $125,000 FLORENCE, SC 22500
GEORGETOWN $327,750 $419,550 $507,150 $630,300 $200,000 GEORGETOWN, SC 23860
GREENVILLE $271,050 $347,000 $419,425 $521,250 $169,000 GREENVILLE-ANDERSON-MAULDIN, SC 24860
GREENWOOD $271,050 $347,000 $419,425 $521,250 $92,000 GREENWOOD, SC 24940
HAMPTON $271,050 $347,000 $419,425 $521,250 $45,000 NON-METRO 99999
HORRY $271,050 $347,000 $419,425 $521,250 $172,000 MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, 34820
JASPER $350,750 $449,000 $542,750 $674,500 $253,000 HILTON HEAD ISLAND-BLUFFTON-BEAUFORT, S 25940
KERSHAW $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
LANCASTER $280,600 $359,200 $434,200 $539,600 $244,000 CHARLOTTE-CONCORD-GASTONIA, NC-SC 16740
LAURENS $271,050 $347,000 $419,425 $521,250 $169,000 GREENVILLE-ANDERSON-MAULDIN, SC 24860
LEE $271,050 $347,000 $419,425 $521,250 $37,000 NON-METRO 99999
LEXINGTON $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
MARION $271,050 $347,000 $419,425 $521,250 $78,000 NON-METRO 99999
MARLBORO $271,050 $347,000 $419,425 $521,250 $59,000 BENNETTSVILLE, SC 13500
MCCORMICK $271,050 $347,000 $419,425 $521,250 $150,000 NON-METRO 99999
NEWBERRY $271,050 $347,000 $419,425 $521,250 $108,000 NEWBERRY, SC 35140
OCONEE $271,050 $347,000 $419,425 $521,250 $140,000 SENECA, SC 42860
ORANGEBURG $271,050 $347,000 $419,425 $521,250 $69,000 ORANGEBURG, SC 36700
PICKENS $271,050 $347,000 $419,425 $521,250 $169,000 GREENVILLE-ANDERSON-MAULDIN, SC 24860
RICHLAND $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
SALUDA $271,050 $347,000 $419,425 $521,250 $162,000 COLUMBIA, SC 17900
SPARTANBURG $271,050 $347,000 $419,425 $521,250 $125,000 SPARTANBURG, SC 43900
SUMTER $271,050 $347,000 $419,425 $521,250 $108,000 SUMTER, SC 44940
UNION $271,050 $347,000 $419,425 $521,250 $125,000 SPARTANBURG, SC 43900
WILLIAMSBURG $271,050 $347,000 $419,425 $521,250 $26,000 NON-METRO 99999
YORK $280,600 $359,200 $434,200 $539,600 $244,000