2024 FHA Loan Limits in South Carolina

Are you struggling to afford a home in South Carolina? Before you give up the search, consider looking into an FHA-insured loan.

Loans backed by the Federal Housing Administration (FHA) can be a huge help to buyers with limited income or savings. For a single-family home in South Carolina, you can potentially qualify for an FHA loan of up to $498,257 or even $586,500 (depending on your county) with low credit and a down payment as low as 3.5%.

South Carolina FHA loan limits by county

How are FHA loan limits determined?

The FHA uses a formula to set their loan limits each year. In part, their limits are based on home sale prices in each county and metro area. If sales prices in your area rise, the FHA loan limit may increase for the following calendar year. If not, the limit will stay the same.

The FHA’s minimum and maximum loan limits, or the “floor” and “ceiling” limits, are based on the national conforming loan limit from the Federal Housing Finance Agency (FHFA). The annual floor for FHA loans is equal to 65% of the national conforming loan limit and the ceiling is set at 150%.

For 2024, the FHA’s national floor is $498,257 for single-family homes, which is the limit that applies to most counties in South Carolina. That floor is up $26,227 from the amount that was available throughout most of the state in 2023.

How to qualify for an FHA loan in South Carolina

To qualify for an FHA mortgage, you’ll have to apply through an FHA-approved mortgage lender, which includes your credit union or bank.

Since these loans are insured by the FHA, they can be easier in some instances to qualify for than conventional loans. Here’s what you need to be approved:

→ Credit score. The FHA’s minimum credit score is 500 but some lenders have higher score requirements. If you’ve experienced a foreclosure in the past, you can typically qualify as long as at least three years have passed.

→ Down payment. Your minimum down payment is based on your credit scores. If your scores are below 580, it’s 10%. For all other borrowers, the minimum is 3.5%.

→ Income. You must show you have enough income to cover the mortgage payments. Most lenders will not approve you for a mortgage payment that’s equal to 31% or more of your gross monthly income.

→ Debt-to-income ratio (DTI). Your debt-to-income ratio looks at how much of your income goes to debt payments. For an FHA loan, your monthly debt payments (including the mortgage) can’t exceed 43% of your gross monthly income.

→ Property types. You can use FHA loans to buy various types of single-family homes, buildings with up to four units, manufactured homes and condos, as long as the property is your primary residence.

Buying a multifamily property with an FHA loan

You can use an FHA loan to buy a multifamily home — or a home with up to four units — as long as you plan to live in one of the units. With as little as 3.5% for your down payment (and a credit score of 580 or above), you can potentially purchase a multifamily property. Other borrower requirements include:

→ Paying two forms of mortgage insurance
→ Showing proof of income
→ Having a maximum 43% DTI ratio
→ Getting an appraisal approval

FHA lenders in South Carolina

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

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