Loankea offers tailored mortgage solutions for South Carolina’s diverse markets. Whether you’re searching in Charleston’s historic districts, Myrtle Beach’s vibrant condos, or Upcountry’s peaceful retreats, we help you find the right loan for your needs.
South Carolina is full of opportunities. From Hilton Head vacation homes to Columbia starter houses, every area has its own financing challenges and advantages. The SC Housing Palmetto Heroes program gives special benefits to veterans and first responders. Our DSCR loans empower investors to make the most of South Carolina’s thriving short-term rental market. South Carolina also has some of the most borrower-friendly laws in the Southeast. This means you can enjoy smoother transactions and more benefits when purchasing your primary or secondary home. Let Loankea guide you through every step, so you can focus on finding your perfect property in the Palmetto State.
Key Features of Mortgages
California mortgages offer unique aspects that distinguish them from other states:
- Special loan programs offer 0.25% rate discounts for hurricane-resistant upgrades in coastal counties.
- Transfer taxes are capped at 0.2% of the purchase price, lower than in nearby states.
- Additional documentation is required for homes near military flight paths, affecting loans near Shaw AFB and Marine Corps Air Station Beaufort.
Areas We Serve
From historic Charleston to lakefront retreats, we finance dreams across SC’s most desirable locations:
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South Carolina Mortgage Solutions for Every Type of Buyer
Homebuyers in South Carolina have access to a broad range of mortgage options designed to meet different financial situations and property goals. Whether you’re purchasing your first home, relocating, or investing, finding the right loan depends on your credit profile, income level, and the type of property you want to finance. We work closely with a wide network of mortgage banks and lending institutions across South Carolina to offer competitive loan products, flexible terms, and fast approvals.
Conventional home loans remain a popular choice for many buyers, often requiring a down payment of 3% or more, with repayment periods typically ranging from 15 to 30 years. These loans provide customizable options when it comes to interest rates, points, and closing costs, making them ideal for buyers with strong credit histories and steady income.
Government-backed loans are also available for qualifying borrowers. FHA loans can be a smart option for first-time buyers or those with limited savings, offering low down payment requirements and more lenient credit criteria. VA loans provide valuable home financing support to eligible veterans and active-duty service members, often with no down payment required. For buyers in rural parts of South Carolina, USDA loans support low- to moderate-income families looking to purchase primary residences with favorable terms and little or no money down.
Our Top Picks for Mortgage Programs in South Carolina
South Carolina offers a variety of mortgage programs tailored to meet the diverse needs of homebuyers. Here are some top picks:
- Conventional Loans – 3% down for primary homes in Charleston or Columbia, with competitive rates.
- FHA Loans – 3.5% down and easier credit approval, ideal for first-time buyers in Greenville or Myrtle Beach.
- VA Loans – $0 down for veterans and military families near Shaw AFB or Parris Island.
- USDA Loans – No down payment required for homes in SC’s rural areas like Aiken or Sumter.
- DSCR Loans – Finance beachfront rentals in Hilton Head or downtown Charleston investment properties using projected rental income.
- Bank Statement Loans – Self-employed borrowers in tourism or healthcare can qualify with bank statements only.
- Renovation Loans – Fixer-upper financing for historic homes in Charleston’s downtown district.
- Jumbo Loans – Higher loan limits for luxury properties in Kiawah Island or Bluffton.
- Non-QM Loans – Solutions for small business owners or retirees with asset-based income.
Requirements to Buy a House in South Carolina
Before you secure a mortgage in South Carolina, there are several key requirements every applicant should be prepared for. Knowing these in advance will help you navigate the process with confidence and potentially secure better loan terms.
Check Your Credit Score
The most favorable mortgage rates are typically available to buyers with credit scores above 800. That said, if your score is at least 550, there’s still an excellent chance of finding a suitable mortgage option. If you have time before purchasing, consider working on your credit; it’s often possible to improve your score significantly within six months by managing debts and making timely payments.
Income Verification
All lenders require documented proof of income. For traditionally employed individuals, this usually means submitting recent pay stubs. If you’re self-employed, have multiple jobs, or earn income through side gigs, expect to provide additional documentation such as tax returns and bank statements. Keeping thorough records will help streamline the process.
Your Current DTI
Lenders look for borrowers who responsibly manage their debts. While being completely debt-free isn’t necessary, showing a positive repayment history — such as on a car loan or credit card — can boost your application. The preferred DTI is below 43%, meaning your total monthly debt obligations shouldn’t exceed 43% of your gross income.
Down Payment
Having your down payment ready is essential before applying for a mortgage. You’ll need to show proof of funds — usually as a current bank balance — or document another source for your down payment. Many first-time homebuyers use gifts from family members to help cover this requirement. Minimum down payments vary by loan type:
- Conventional loans: typically 3% minimum
- FHA loans: at least 3.5%
- VA and USDA loans: potentially no down payment if eligible
Property Eligibility
Some mortgage programs require that the property meets specific criteria or falls within designated areas, especially for specialty loans like USDA mortgages.
Understanding these requirements and preparing ahead can put you in the best position to secure a mortgage that fits your needs in South Carolina.
Interested in investing in vacation rental properties? Ask us about our DSCR loans designed just for you.
Credit Requirements for South Carolina Homebuyers
Qualifying for a mortgage in South Carolina generally requires meeting specific credit benchmarks. Most loan types, including conventional, USDA, and VA options, typically look for a minimum credit score of approximately 640. This standard applies whether you’re purchasing in Myrtle Beach, Spartanburg, or elsewhere across the state. The FHA loan program offers greater flexibility, potentially accepting applicants with credit scores starting around 500, making it an option for those rebuilding their credit history while pursuing homeownership.
What Are the Upfront Costs to Purchase a Home in South Carolina?
Purchasing a home in South Carolina requires careful financial planning. The median home value stands at $303,126 as of 2025, and upfront costs typically range from $23,979 to $85,324, depending on your down payment and loan type. A minimum 3.5% down payment for FHA loans translates to $10,609, while a 20% conventional loan down payment reaches $60,625. Closing costs add another 1.80% (about $5,464), covering appraisal fees, title insurance, and lender origination charges. Additionally, buyers should budget $186–$450 for home inspections and $1,250–$4,890 for moving expenses. Programs like SC Housing’s Palmetto Home Advantage offer forgivable down payment assistance of up to 4%–5% for eligible borrowers, reducing initial cash requirements
Ongoing homeownership expenses include property taxes, which average 0.53% of home value statewide (among the lowest rates nationally), and homeowners insurance averaging $2,678 annually. Coastal buyers often need separate flood insurance due to high storm-surge risks, adding to yearly costs. Private mortgage insurance (PMI) of $132–$446/month applies if your down payment is below 20%.
What Mortgage Interest Rates Can Buyers Expect in South Carolina Today?
As of 2025, mortgage interest rates in South Carolina fluctuate based on broader economic conditions and individual borrower qualifications. If you’re planning to buy a home, you should expect rates similar to national averages. For a standard 30-year fixed mortgage, these rates are currently projected in the mid-single-digit percentage range — think around 6% to 7.5%.
If you’re looking at a $205,000 mortgage, your monthly payment will likely be between $850 and $1,200. This range depends on several factors:
- The interest rate you secure
- Local property taxes
- Required homeowner’s insurance
It’s important to remember that coastal areas like Charleston often have slightly higher interest rates because of hurricane risk.
Here are some key factors that affect your loan terms in these markets:
- Credit Score: Aim for 680 or higher to get the best rates on beachfront properties.
- Loan Type: A typical 15-year loan averages between 5.75% and 6.50%.
- Down Payment: Expect at least a 10% minimum down payment if you’re investing in a condo.
- Flood Insurance: Living in an AE flood zone means adding $700–$2,000 per year for flood insurance.
When it comes to closing costs in South Carolina, plan for about 3%–5% of your purchase price. Typical closing costs include:
- Origination fee: 0.75%–1.5%
- Title insurance: $450–$1,200
- Recording fees: $100–$300
- Home warranty: $400–$600 (this is recommended for extra peace of mind)
If you have questions about specific costs or need tips to boost your credit score, reach out to us anytime. We’re here to help you every step of the way.
Experience the advantage of working with premier mortgage experts. We deliver:
- Unbeatable Rates & Savings – Access wholesale interest rates and reduced closing costs through our network of 150+ top national lenders, with special programs for military families at Parris Island and hospitality workers in Myrtle Beach.
- Lightning-Fast Approvals – Average clear-to-close timeframe of just 9-15 business days, even for beachfront properties with flood zone requirements or historic Charleston homes.
- 100% Personalized Solutions – Custom mortgage plans crafted for retirees, self-employed fishing charter operators, and Boeing employees in North Charleston.
- Financing Available for All Property Types – Full Doc, No Doc, No-Tax Returns, Foreign Nationals, New South Carolina Residents, and First-Time Homebuyer programs covering Hilton Head Island resorts to Upstate mountain cabins.
- Digital Convenience – Seamless online process from application to closing, with secure document uploads and loan officer text alerts.
Let’s work together to find the perfect mortgage solution for your South Carolina dream home.
