South Carolina FHA Loans
If you are one of thousands of South Carolina residents trying to purchase your first home, finding reliable financing can seem like a challenge! Maybe you are trying to relocate to South Carolina from another state and need get a solid pre-approval to finance the purchase of a new home. Or perhaps you are a long time resident of South Carolina who might be on the lookout for a perfect opportunity to refinance your current mortgage loan or access some equity for a much needed home improvement. Regardless of what your current property and loan needs might be, you owe it to yourself to contact us about our quality South Carolina mortgage loan programs!
You Could Qualify for a South Carolina FHA Loan
If you are unsure about buying or refinancing a house in the state of South Carolina, you should know that you could qualify for a Federal Housing Administration guaranteed mortgage loan. If you are a first time home buyer, the South Carolina FHA loan is one of the most secure mortgage programs to start home ownership with. Traditionally, it has interest rates at or below the usual market rates. Likewise, depending on your eligibility, you may be qualified for a down payment assistance grant that can meet the very modest 3.5% down payment requirement, as well as helping with the costs to close also.
The Federal Housing Administration's maximum mortgage loan amounts vary by city and county; the maximum amount you can finance using an FHA loan program really depends upon what part of the state you're looking to purchase, and of course, the debt ratios involved in your personal financial situation. You can check local out your loan limits here: South Carolina Loan Limits.
Advantages of South Carolina FHA Loans
Getting a new or existing home financed using the South Carolina FHA loan has many weighted advantages and very few disadvantages. With the government backing on the loan provided by the Federal Housing Administration, mortgage lenders can provide better and easier qualifying terms. More relaxed qualifying means lenders are more focused on ensuring you can meet a proposed payment and that your ratios are good. They don't focus on your credit score. Rather, they focus on your credit quality.
The South Carolina FHA mortgage loan program was created to help regular people just like you to purchase a home. This is especially good for those who are first time home buyers. However, you do not need to be a first time home buyer to qualify. Just as important, past credit issues alone do not necessarily negate your chances of qualifying or being approved for an FHA loan in South Carolina.
Here are some benefits of the South Carolina FHA loan:
- There are no required income brackets or limits on FHA mortgage loans.
- South Carolina FHA loans offer more relaxed credit and asset requirements.
- Qualified co-borrowers do not have to live in your home with you.
- If rates should fall and you want to refinance, you will not have to qualify for a new loan -- you simply streamline refinance your existing FHA loan.
- Basic Federal Housing Administration loans permit you to buy a home with as little as 3.5% down, plus buyer's closing costs.
Many South Carolina FHA Mortgage Loan Options Available
The Federal Housing Administration has many home loan options available; the odds are strong that at least one of them will surely suit your loan needs. If you are in need of a 30 year fixed rate home loan, or perhaps an adjustable rate mortgage, the FHA loan product can definitely help. Don't be fooled by the misleading bad reputation the FHA loan has attained in some elite circles over the years. The fact is, it's the best loan going! Contact your South Carolina loan officer and see if an FHA Home Loan is the right answer to meet your financing needs.