FHA Home Loans in South Carolina
South Carolina FHA loans are home loans insured by the FHA (Federal Housing Administration) which give South Carolina borrowers the opportunity to secure SC home loans, when they don’t quality for other conventional loans. For example, future South Carolina homeowners with little credit history or poor credit history are sometimes able to qualify for South Carolina FHA loans.
- First Time Homeowners: SC FHA loans are ideal for first-time South Carolina homeowners due to low down-payment requirements and flexible qualifying guidelines.
- Refinancing with FHA Loans in South Carolina: FHA also offers a refinancing option for South Carolina homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
FHA Loan Requirements
- No income limit
- South Carolina borrower credit score flexibility
- 3.5 percent down payment on South Carolina Purchase Loans
- Bankruptcy: SC FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: South Carolina FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
SC FHA Loan Limits
FHA loan limits in South Carolina vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in South Carolina), etc. Please contact Home Point Financial’s South Carolina FHA loan experts for details on loan limits for FHA loans in South Carolina (SC). Contact Home Point Financial to learn more about FHA Loans in Columbia, Charleston, Ft. Mill, and throughout South Carolina.
