2017 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:

2017 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 Median Sales Price
Abbeville 275,665 352,950 426,625 530,150 95,000
Aiken 275,665 352,950 426,625 530,150 178,000
Allendale 275,665 352,950 426,625 530,150 29,000
Anderson 275,665 352,950 426,625 530,150 175,000
Bamberg 275,665 352,950 426,625 530,150 35,000
Barnwell 275,665 352,950 426,625 530,150 60,000
Beaufort 350,750 449,000 542,750 674,500 260,000
Berkeley 357,650 457,850 553,450 687,800 311,000
Calhoun 275,665 352,950 426,625 530,150 165,000
Charleston 357,650 457,850 553,450 687,800 311,000
Cherokee 275,665 352,950 426,625 530,150 67,000
Chester 280,600 359,200 434,200 539,600 243,000
Chesterfield 275,665 352,950 426,625 530,150 60,000
Clarendon 275,665 352,950 426,625 530,150 105,000
Colleton 275,665 352,950 426,625 530,150 102,000
Darlington 275,665 352,950 426,625 530,150 139,000
Dillon 275,665 352,950 426,625 530,150 20,000
Dorchester 357,650 457,850 553,450 687,800 311,000
Edgefield 275,665 352,950 426,625 530,150 178,000
Fairfield 275,665 352,950 426,625 530,150 165,000
Florence 275,665 352,950 426,625 530,150 139,000
Georgetown 327,750 419,550 507,150 630,300 211,000
Greenville 275,665 352,950 426,625 530,150 175,000
Greenwood 275,665 352,950 426,625 530,150 95,000
Hampton 275,665 352,950 426,625 530,150 31,000
Horry 275,665 352,950 426,625 530,150 176,000
Jasper 350,750 449,000 542,750 674,500 260,000
Kershaw 275,665 352,950 426,625 530,150 165,000
Lancaster 280,600 359,200 434,200 539,600 243,000
Laurens 275,665 352,950 426,625 530,150 175,000
Lee 275,665 352,950 426,625 530,150 31,000
Lexington 275,665 352,950 426,625 530,150 165,000
Marion 275,665 352,950 426,625 530,150 81,000
Marlboro 275,665 352,950 426,625 530,150 65,000
Mccormick 275,665 352,950 426,625 530,150 110,000
Newberry 275,665 352,950 426,625 530,150 74,000
Oconee 275,665 352,950 426,625 530,150 133,000
Orangeburg 275,665 352,950 426,625 530,150 81,000
Pickens 275,665 352,950 426,625 530,150 175,000
Richland 275,665 352,950 426,625 530,150 165,000
Saluda 275,665 352,950 426,625 530,150 165,000
Spartanburg 275,665 352,950 426,625 530,150 129,000
Sumter 275,665 352,950 426,625 530,150 105,000
Union 275,665 352,950 426,625 530,150 129,000
Williamsburg 275,665 352,950 426,625 530,150 23,000
York 280,600 359,200 434,200 539,600 243,000