FHA Loan Requirements, Limits and Approval Tips
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2023 FHA Loan Limits in South Carolina

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If you’re house hunting in South Carolina, you may be able to qualify for a Federal Housing Administration (FHA) loan. There are limits on how much you can borrow with an FHA loan, however, and they vary by county. The maximum you can borrow for a single-family home in most South Carolina counties is $472,030. High-cost areas, such as Hilton Head and Charleston, have higher limits.

South Carolina FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sale price
ABBEVILLE$472,030$604,400$730,525$907,900$139,000
AIKEN$472,030$604,400$730,525$907,900$275,000
ALLENDALE$472,030$604,400$730,525$907,900$38,000
ANDERSON$472,030$604,400$730,525$907,900$288,000
BAMBERG$472,030$604,400$730,525$907,900$44,000
BARNWELL$472,030$604,400$730,525$907,900$78,000
BEAUFORT$485,300$621,250$750,950$933,300$422,000
BERKELEY$538,200$689,000$832,850$1,035,000$468,000
CALHOUN$472,030$604,400$730,525$907,900$240,000
CHARLESTON$538,200$689,000$832,850$1,035,000$468,000
CHEROKEE$472,030$604,400$730,525$907,900$117,000
CHESTER$472,030$604,400$730,525$907,900$395,000
CHESTERFIELD$472,030$604,400$730,525$907,900$120,000
CLARENDON$472,030$604,400$730,525$907,900$165,000
COLLETON$472,030$604,400$730,525$907,900$181,000
DARLINGTON$472,030$604,400$730,525$907,900$180,000
DILLON$472,030$604,400$730,525$907,900$58,000
DORCHESTER$538,200$689,000$832,850$1,035,000$468,000
EDGEFIELD$472,030$604,400$730,525$907,900$275,000
FAIRFIELD$472,030$604,400$730,525$907,900$240,000
FLORENCE$472,030$604,400$730,525$907,900$180,000
GEORGETOWN$472,030$604,400$730,525$907,900$325,000
GREENVILLE$472,030$604,400$730,525$907,900$288,000
GREENWOOD$472,030$604,400$730,525$907,900$141,000
HAMPTON$472,030$604,400$730,525$907,900$80,000
HORRY$472,030$604,400$730,525$907,900$311,000
JASPER$485,300$621,250$750,950$933,300$422,000
KERSHAW$472,030$604,400$730,525$907,900$240,000
LANCASTER$472,030$604,400$730,525$907,900$395,000
LAURENS$472,030$604,400$730,525$907,900$288,000
LEE$472,030$604,400$730,525$907,900$44,000
LEXINGTON$472,030$604,400$730,525$907,900$240,000
MARION$472,030$604,400$730,525$907,900$118,000
MARLBORO$472,030$604,400$730,525$907,900$103,000
MCCORMICK$472,030$604,400$730,525$907,900$300,000
NEWBERRY$472,030$604,400$730,525$907,900$138,000
OCONEE$472,030$604,400$730,525$907,900$197,000
ORANGEBURG$472,030$604,400$730,525$907,900$100,000
PICKENS$472,030$604,400$730,525$907,900$288,000
RICHLAND$472,030$604,400$730,525$907,900$240,000
SALUDA$472,030$604,400$730,525$907,900$240,000
SPARTANBURG$472,030$604,400$730,525$907,900$232,000
SUMTER$472,030$604,400$730,525$907,900$165,000
UNION$472,030$604,400$730,525$907,900$50,000
WILLIAMSBURG$472,030$604,400$730,525$907,900$38,000
YORK$472,030$604,400$730,525$907,900$395,000

How are FHA loan limits determined?

FHA loan limits are calculated annually, based on the median price of homes sold 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. The U.S. Department of Housing and Urban Development (HUD) then uses the conforming loan limit to set FHA loan limits.

The lowest FHA loan limit — the “floor” — is 65% of the conforming loan limit and is 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. For 2023, the FHA floor is $472,030 and the ceiling is $1,089,300.

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 large down payment.

To qualify for an FHA loan, you’ll need to meet the following loan requirements:

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. Your DTI ratio 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 in order 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 purchase it using 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 property 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. Qualified buyers can put as little as 3.5% down, and you may be able to use the proposed rental income to qualify for the loan.

FHA lenders in South Carolina

Lender nameLT ratingMinimum FHA credit score
Wells Fargo5 stars640
Bank of America5 starsNot disclosed
Guild Mortgage3 stars540
Zillow Home Loans4 stars620

 

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