FHA Loan Calculator for South Carolina

FHA Loans in South Carolina

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On South Carolina's median home of $290,000, that's a minimum down payment of $10,200.

FHA Loan Limits in South Carolina

FHA loan limits vary by county and are tied to conforming limits. In most South Carolina counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All South Carolina counties are at the standard conforming limit.

FHA vs Conventional in South Carolina

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With South Carolina's median home at $290,000, buyers who can put down $58,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

South Carolina closing costs average $2,900. South Carolina charges a deed recording fee ($1.85/$500 of value) and a mortgage recording fee. Total closing costs are moderate by Southeast standards. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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