FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in South Carolina

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If you’re looking to buy a home in South Carolina, you may find it easier qualifying for a loan backed by the Federal Housing Administration (FHA) than a conventional mortgage. The loans do have limits on how much you can borrow, depending on the county where you live. To qualify for a single-family home in South Carolina, you’ll need to borrow less than $420,680 in most of the state except in the Charleston area, where the limit increases to $473,800.

South Carolina FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ABBEVILLE$420,680$538,650$651,050$809,150$109,000
AIKEN$420,680$538,650$651,050$809,150$245,000
ALLENDALE$420,680$538,650$651,050$809,150$27,000
ANDERSON$420,680$538,650$651,050$809,150$245,000
BAMBERG$420,680$538,650$651,050$809,150$45,000
BARNWELL$420,680$538,650$651,050$809,150$72,000
BEAUFORT$420,680$538,650$651,050$809,150$363,000
BERKELEY$473,800$606,550$733,150$911,150$412,000
CALHOUN$420,680$538,650$651,050$809,150$208,000
CHARLESTON$473,800$606,550$733,150$911,150$412,000
CHEROKEE$420,680$538,650$651,050$809,150$96,000
CHESTER$420,680$538,650$651,050$809,150$340,000
CHESTERFIELD$420,680$538,650$651,050$809,150$124,000
CLARENDON$420,680$538,650$651,050$809,150$146,000
COLLETON$420,680$538,650$651,050$809,150$155,000
DARLINGTON$420,680$538,650$651,050$809,150$165,000
DILLON$420,680$538,650$651,050$809,150$40,000
DORCHESTER$473,800$606,550$733,150$911,150$412,000
EDGEFIELD$420,680$538,650$651,050$809,150$245,000
FAIRFIELD$420,680$538,650$651,050$809,150$208,000
FLORENCE$420,680$538,650$651,050$809,150$165,000
GEORGETOWN$420,680$538,650$651,050$809,150$270,000
GREENVILLE$420,680$538,650$651,050$809,150$245,000
GREENWOOD$420,680$538,650$651,050$809,150$129,000
HAMPTON$420,680$538,650$651,050$809,150$60,000
HORRY$420,680$538,650$651,050$809,150$260,000
JASPER$420,680$538,650$651,050$809,150$363,000
KERSHAW$420,680$538,650$651,050$809,150$208,000
LANCASTER$420,680$538,650$651,050$809,150$340,000
LAURENS$420,680$538,650$651,050$809,150$245,000
LEE$420,680$538,650$651,050$809,150$74,000
LEXINGTON$420,680$538,650$651,050$809,150$208,000
MARION$420,680$538,650$651,050$809,150$95,000
MARLBORO$420,680$538,650$651,050$809,150$83,000
MCCORMICK$420,680$538,650$651,050$809,150$275,000
NEWBERRY$420,680$538,650$651,050$809,150$143,000
OCONEE$420,680$538,650$651,050$809,150$186,000
ORANGEBURG$420,680$538,650$651,050$809,150$102,000
PICKENS$420,680$538,650$651,050$809,150$245,000
RICHLAND$420,680$538,650$651,050$809,150$208,000
SALUDA$420,680$538,650$651,050$809,150$208,000
SPARTANBURG$420,680$538,650$651,050$809,150$200,000
SUMTER$420,680$538,650$651,050$809,150$146,000
UNION$420,680$538,650$651,050$809,150$50,000
WILLIAMSBURG$420,680$538,650$651,050$809,150$40,000
YORK$420,680$538,650$651,050$809,150$340,000

How are FHA loan limits determined?

FHA loan limits are calculated annually, based on the average home sales price in the county during the preceding year. The Federal Housing Finance Agency (FHFA) first analyzes the data to calculate the conforming loan limits that are used for conventional loans. Those loans are then used by the U.S. Department of Housing and Urban Development (HUD) to set FHA loan limits.

The lowest FHA loan limit — the “floor” — is 65% of the conforming loan limit and it’s the maximum loan amount allowed on a single-family home for most of the U.S. In higher-priced areas, FHA loans can be much larger, up to a “ceiling” that is 150% of the conforming loan limit. In 2022, the FHA floor is $420,680 and the ceiling is $970,800. Those results reflect an 18% jump in the average home sale price from the year before.

How to qualify for an FHA loan in South Carolina

South Carolina FHA loans offer borrowers a chance to buy a home even with less-than-stellar credit and too little cash for a major down payment. If you’re a first-time buyer, you may qualify for even more help with one of South Carolina’s first-time homebuyer programs that offer benefits such as down payment assistance and mortgage tax credits.

To qualify for an FHA loan, you’ll need to make the home your primary residence, as well as meet the following loan requirements:

  • A mortgage amount under the FHA loan limit: If you’re looking to buy a home that costs more than the limit, you’ll need to come up with a larger down payment.
  • A minimum 3.5% down payment: You’ll need a 580 credit score or higher to be considered for a 3.5% down payment. Lower scores require a higher down payment.
  • A 500 credit score or better: If your score is 500 to 579, expect to put at least 10% down. You can check your credit score online.
  • A debt-to-income (DTI) ratio of 43% or less: This percentage helps lenders understand whether you can afford your mortgage payments, based on your income and monthly debt spending. In general, you’ll need a DTI below 43% for an FHA loan, although some lenders may make exceptions.  
  • An FHA home appraisal: You’ll need an FHA appraisal before you close your loan to determine both the value of your new home and its condition.
  • Mortgage insurance: Expect to pay two types of FHA mortgage insurance: the annual mortgage insurance premium (MIP), which is 0.45% to 1.05% of the loan amount, and the upfront mortgage insurance premium (UFMIP), which is 1.75%. The upfront insurance premium is usually rolled into your mortgage when you close your loan, while the annual premium is typically paid in 12 monthly installments.
  • Occupancy. The home will need to be your primary residence for at least 12 months after you buy it with an FHA loan.

Buying a multifamily property with an FHA loan

If you’re looking for a multifamily home you may still qualify for an FHA loan. The home can have up to four separate living units, and you’ll need to live in one of the units for at least 12 months after purchase. The good news: Qualified buyers can put as little as 3.5% down. You may be able to use proposed rental income to qualify for the loan.

FHA lenders in South Carolina

These five highly rated mortgage lenders are licensed to operate in South Carolina. Click on the links to learn more.

Lender name LT rating Minimum FHA credit score 
Lower10/10580
Rocket Mortgage9.5/10580
PennyMac Mortgage9/10620
Guild Mortgage9/10540
BMO Harris Bank8.5/10580

 

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