Buying your first house can be one of the most exciting times in your life, but also one of the most confusing. It's hard to know where to start, and sometimes there are so many financing options for your new home that you're not sure how to pick the right one.
Most first-time home buyers in South Carolina find themselves in the same position, and many of them decide to take out a South Carolina FHA loan. Keep reading to find out why an FHA loan may be right for you.
With South Carolina having a below average weekly pay of $893, residents are going to be looking for places to save money. Buying a house can drain anyone’s bank account, which is why so many South Carolina residents are using FHA loans. As of April 2019, the total value of FHA loans in South Carolina was over $225 million!
Before you begin house hunting, it’s important to have an idea of how much you will be able to borrow. The maximum FHA loan limit is adjusted every year, and can vary depending on where in South Carolina you want to live. In most of South Carolina, the baseline limit of $472,030 applies, but in a place like Hilton Head, the limit is $485,300 and the limit in Charleston is $538,200 due to the relatively high cost of real estate in these areas. See the full list for South Carolina FHA Loan Limits at the link below.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.