What Is an FHA Loan? Requirements, Benefits and How to Apply
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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.

2024 FHA Loan Limits in South Carolina

Updated on:
Content was accurate at the time of publication.

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%.

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ABBEVILLE$498,257$637,950$771,125$958,350$253,000
AIKEN$498,257$637,950$771,125$958,350$297,000
ALLENDALE$498,257$637,950$771,125$958,350$60,000
ANDERSON$498,257$637,950$771,125$958,350$305,000
BAMBERG$498,257$637,950$771,125$958,350$36,000
BARNWELL$498,257$637,950$771,125$958,350$69,000
BEAUFORT$546,250$699,300$845,300$1,050,500$475,000
BERKELEY$586,500$750,800$907,550$1,127,900$510,000
CALHOUN$498,257$637,950$771,125$958,350$245,000
CHARLESTON$586,500$750,800$907,550$1,127,900$510,000
CHEROKEE$498,257$637,950$771,125$958,350$150,000
CHESTER$498,257$637,950$771,125$958,350$420,000
CHESTERFIELD$498,257$637,950$771,125$958,350$113,000
CLARENDON$498,257$637,950$771,125$958,350$165,000
COLLETON$498,257$637,950$771,125$958,350$186,000
DARLINGTON$498,257$637,950$771,125$958,350$180,000
DILLON$498,257$637,950$771,125$958,350$35,000
DORCHESTER$586,500$750,800$907,550$1,127,900$510,000
EDGEFIELD$498,257$637,950$771,125$958,350$297,000
FAIRFIELD$498,257$637,950$771,125$958,350$245,000
FLORENCE$498,257$637,950$771,125$958,350$180,000
GEORGETOWN$498,257$637,950$771,125$958,350$340,000
GREENVILLE$498,257$637,950$771,125$958,350$305,000
GREENWOOD$498,257$637,950$771,125$958,350$170,000
HAMPTON$498,257$637,950$771,125$958,350$60,000
HORRY$498,257$637,950$771,125$958,350$335,000
JASPER$546,250$699,300$845,300$1,050,500$475,000
KERSHAW$498,257$637,950$771,125$958,350$245,000
LANCASTER$498,257$637,950$771,125$958,350$420,000
LAURENS$498,257$637,950$771,125$958,350$305,000
LEE$498,257$637,950$771,125$958,350$63,000
LEXINGTON$498,257$637,950$771,125$958,350$245,000
MARION$498,257$637,950$771,125$958,350$122,000
MARLBORO$498,257$637,950$771,125$958,350$79,000
MCCORMICK$498,257$637,950$771,125$958,350$170,000
NEWBERRY$498,257$637,950$771,125$958,350$133,000
OCONEE$498,257$637,950$771,125$958,350$220,000
ORANGEBURG$498,257$637,950$771,125$958,350$95,000
PICKENS$498,257$637,950$771,125$958,350$305,000
RICHLAND$498,257$637,950$771,125$958,350$245,000
SALUDA$498,257$637,950$771,125$958,350$245,000
SPARTANBURG$498,257$637,950$771,125$958,350$250,000
SUMTER$498,257$637,950$771,125$958,350$165,000
UNION$498,257$637,950$771,125$958,350$69,000
WILLIAMSBURG$498,257$637,950$771,125$958,350$30,000
YORK$498,257$637,950$771,125$958,350$420,000

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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.

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.

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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

Number of unitsLow-cost FHA loan limit
Two$750,800
Three$907,550
Four$1,127,900

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?

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.

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