Buying a Home in South Carolina
Are you considering whether or not to purchase a home in South Carolina? The Palmetto State, with its beaches and mountains, may hold the home of your dreams. Here’s everything key to knowing the state before you start searching for homes.
Did you know that South Carolina enjoys a population totalling more than 4.7 million persons? Of those, around one in ten live in the five largest cities in the state:
- Columbia (state capital)
- North Charleston
- Mount Pleasant
- Rock Hill
Do you already know what type of home payment you can manage? South Carolina ranks 24th in US homes for sale at average price, and 14th for homes over $1,000,000. If you’re serious about finding a home, a loan preapproval is important so you can adequately budget.
First-time homebuyers may qualify for a program administrated by the South Carolina State Housing Finance and Development Authority (SC Housing). This department offers down payment assistance for both down payment and closing costs.
You can get up to $6,000 in assistance for a down payment offered as a forgivable loan, and the home seller can pay your closing costs with a SC Housing Homebuyer Program Loan.
You may also qualify for SC Housing’s Palmetto Home Advantage program, which offers competitive interest rates plus down payment assistance of up to 5% of the loan amount and reduced mortgage insurance rates.
Borrower requirements include living in SC and in the home you purchase, plus:
- 620-660 credit score based on loan and program type
- Income must meet SC Housing income limits
- Home must meet SC Housing purchase price limits
Refinancing in South Carolina
If you’re considering whether or not you should refinance a home in South Carolina and take advantage of favorable South Carolina mortgage rates, here are some reasons to keep in mind:
- Refinance your loan so that it extends over more years with longer terms
- Refinance, if you qualify, to eliminate private mortgage insurance
- Refinance in order to cash out some of your equity
- Refinance so you have a lower interest rate
You may choose to apply for streamlined refinance if you have a qualifying type of loan. Ask your lender for more information.