2019 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:

2019 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)

One-Family  Two-Family  Three-Family  Four-Family 
Abbeville 314,827 403,125 487,250 605,525
Aiken 314,827 403,125 487,250 605,525
Allendale 314,827 403,125 487,250 605,525
Anderson 314,827 403,125 487,250 605,525
Bamberg 314,827 403,125 487,250 605,525
Barnwell 314,827 403,125 487,250 605,525
Beaufort 350,750 449,000 542,750 674,500
Berkeley 388,700 497,600 601,500 747,500
Calhoun 314,827 403,125 487,250 605,525
Charleston 388,700 497,600 601,500 747,500
Cherokee 314,827 403,125 487,250 605,525
Chester 317,400 406,300 491,150 610,400
Chesterfield 314,827 403,125 487,250 605,525
Clarendon 314,827 403,125 487,250 605,525
Colleton 314,827 403,125 487,250 605,525
Darlington 314,827 403,125 487,250 605,525
Dillon 314,827 403,125 487,250 605,525
Dorchester 388,700 497,600 601,500 747,500
Edgefield 314,827 403,125 487,250 605,525
Fairfield 314,827 403,125 487,250 605,525
Florence 314,827 403,125 487,250 605,525
Georgetown 327,750 419,550 507,150 630,300
Greenville 314,827 403,125 487,250 605,525
Greenwood 314,827 403,125 487,250 605,525
Hampton 314,827 403,125 487,250 605,525
Horry 314,827 403,125 487,250 605,525
Jasper 350,750 449,000 542,750 674,500
Kershaw 314,827 403,125 487,250 605,525
Lancaster 317,400 406,300 491,150 610,400
Laurens 314,827 403,125 487,250 605,525
Lee 314,827 403,125 487,250 605,525
Lexington 314,827 403,125 487,250 605,525
Marion 314,827 403,125 487,250 605,525
Marlboro 314,827 403,125 487,250 605,525
Mccormick 314,827 403,125 487,250 605,525
Newberry 314,827 403,125 487,250 605,525
Oconee 314,827 403,125 487,250 605,525
Orangeburg 314,827 403,125 487,250 605,525
Pickens 314,827 403,125 487,250 605,525
Richland 314,827 403,125 487,250 605,525
Saluda 314,827 403,125 487,250 605,525
Spartanburg 314,827 403,125 487,250 605,525
Sumter 314,827 403,125 487,250 605,525
Union 314,827 403,125 487,250 605,525
Williamsburg 314,827 403,125 487,250 605,525
York 317,400 406,300 491,150 610,400