2018 South Carolina FHA County Loan Limits

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Planning on buying a home in South Carolina? Consider an FHA Loan


What’s 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 an income restriction with FHA mortgages?
No!

Do I need to be a first-time home buyer?

No, however many South Carolina first time home buyers choose the FHA program because of the reduced downpayment (3 1/2%) and seller paid settlement costs.

Do I need a great deal of cash to buy a house with an FHA mortgage loan?
No. The FHA down payment requirement is just 3.5%. For example, purchase price = $100,000 X 3.5% = $3,500

Do I qualify for an FHA home loan?
If you have a 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 loan. Only an approved FHA loan provider can assess whether you meet the requirements for an FHA loan.

Could my down payment come from grants?
Yes! You can pay 100% of the downpayment with grants from family, relatives, or endorsed organizations .

Is the seller permitted to pay my settlement charges?
Yes! The FHA allows the seller to pay as much as 6% of the purchase price toward the closing costs.

Does the FHA 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 an FHA mortgage loan complicated?
Generally, it’s definitely not as hard as getting the traditional conventional mortgage loan.

What types of home mortgage loans are offered through the FHA?
Home buyers can get a Fixed Interest rate Loans, Variable Rate Mortgages, and Hybrid Mortgages

I want to refinance. Can the FHA help me?
Yes! 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 up front 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?
No, but there is a maximum loan amount based on the South Carolina county - see below:

2018 FHA County Loan Limits for South Carolina

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 One-Family  Two-Family  Three-Family  Four-Family  Median Sale Price 
ABBEVILLE  294,515 377,075 455,800 566,425 88,000
AIKEN  294,515 377,075 455,800 566,425 184,000
ALLENDALE  294,515 377,075 455,800 566,425 22,000
ANDERSON  294,515 377,075 455,800 566,425 185,000
BAMBERG  294,515 377,075 455,800 566,425 28,000
BARNWELL  294,515 377,075 455,800 566,425 45,000
BEAUFORT  350,750 449,000 542,750 674,500 275,000
BERKELEY  368,000 471,100 569,450 707,700 320,000
CALHOUN  294,515 377,075 455,800 566,425 156,000
CHARLESTON  368,000 471,100 569,450 707,700 320,000
CHEROKEE  294,515 377,075 455,800 566,425 79,000
CHESTER  294,515 377,075 455,800 566,425 256,000
CHESTERFIELD  294,515 377,075 455,800 566,425 76,000
CLARENDON  294,515 377,075 455,800 566,425 120,000
COLLETON  294,515 377,075 455,800 566,425 91,000
DARLINGTON  294,515 377,075 455,800 566,425 129,000
DILLON  294,515 377,075 455,800 566,425 19,000
DORCHESTER  368,000 471,100 569,450 707,700 320,000
EDGEFIELD  294,515 377,075 455,800 566,425 184,000
FAIRFIELD  294,515 377,075 455,800 566,425 156,000
FLORENCE  294,515 377,075 455,800 566,425 129,000
GEORGETOWN  327,750 419,550 507,150 630,300 235,000
GREENVILLE  294,515 377,075 455,800 566,425 185,000
GREENWOOD  294,515 377,075 455,800 566,425 88,000
HAMPTON  294,515 377,075 455,800 566,425 30,000
HORRY  294,515 377,075 455,800 566,425 180,000
JASPER  350,750 449,000 542,750 674,500 275,000
KERSHAW  294,515 377,075 455,800 566,425 156,000
LANCASTER  294,515 377,075 455,800 566,425 256,000
LAURENS  294,515 377,075 455,800 566,425 185,000
LEE  294,515 377,075 455,800 566,425 35,000
LEXINGTON  294,515 377,075 455,800 566,425 156,000
MARION  294,515 377,075 455,800 566,425 79,000
MARLBORO  294,515 377,075 455,800 566,425 73,000
MCCORMICK  294,515 377,075 455,800 566,425 116,000
NEWBERRY  294,515 377,075 455,800 566,425 107,000
OCONEE  294,515 377,075 455,800 566,425 145,000
ORANGEBURG  294,515 377,075 455,800 566,425 75,000
PICKENS  294,515 377,075 455,800 566,425 185,000
RICHLAND  294,515 377,075 455,800 566,425 156,000
SALUDA  294,515 377,075 455,800 566,425 156,000
SPARTANBURG  294,515 377,075 455,800 566,425 138,000
SUMTER  294,515 377,075 455,800 566,425 118,000
UNION  294,515 377,075 455,800 566,425 138,000
WILLIAMSBURG  294,515 377,075 455,800 566,425 42,000
YORK  294,515 377,075 455,800 566,425 256,000