09/03/2024
So, you’ve decided to buy a house in South Carolina. Congratulations and a warm welcome to the Palmetto State! Deciding to purchase your home in SC is the first big step in your journey. To help you along, we’ve compiled a list of things to know before buying your home.
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What are the requirements for buying a house in SC?
The requirements for buying a house in SC include the ability to provide a down payment and a credit score that meets your lender’s criteria for acquiring a mortgage loan.
How much do you have to put down on a house in South Carolina?
A first-time homebuyer in South Carolina with a 20% down payment can get a conventional loan with a low-interest rate and will not have to pay for private mortgage insurance (PMI). There are other options which allow for a lower down payment, however. These are addressed in the next section.
Does South Carolina have a down payment assistance program?
South Carolina does have a down payment assistance program. The SC Homebuyers Assistance program offers up to $7,000 that can be used to cover part of the down payment or your closing costs.
SC also offers the following assistance to homebuyers:
Conventional 97 loan: The Conventional 97 program allows homebuyers to get a conventional mortgage loan with only 3% down. The program is named for the 97% of the home value financed by the lender after the buyer makes a 3% down payment.
FHA (Federal Housing Administration) loan requires a 3.5% down payment.
VA (Veteran’s Affairs) or a USDA (United States Department of Agriculture) loan. No down payment is required for these loans. The USDA home loan program encourages rural and suburban homeownership by offering zero-down-payment mortgages to lower-income buyers.
Start your home buying journey with a mortgage lender licensed in SC.