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In this article

1. What is the average down payment for a house in South Carolina?
2. Are there low down payment options in South Carolina?

What is the average down payment for a house in South Carolina?

Traditionally, South Carolina homebuyers have had to raise 10% to 20% of the total loan amount as down payment. But in today’s market that’s not always the case. Depending on factors like your credit score and type of loan you choose, you can get a mortgage with as little as 3.5% down payment. Some loans don’t even require any down payment at all. There are customizable loan options for practically every South Carolina borrower.

If you want to know what type of mortgage loan you qualify for with the down payment you have, please contact Moreira Team today and we will analyze your eligibility for various mortgage loans. Even if you don’t have any down payment completely you can still contact us and we will help you shop for a zero-down mortgage in South Carolina.

Are there low down payment options in South Carolina?

Absolutely! South Carolina has loan options that require a very low (to even zero) down payment for a house. VA loans neither require a down payment or mortgage insurance, which makes them the best options in South Carolina. In comparison, FHA loans have a 3.5% down payment requirement. Depending on the area the property is located and your particular income, a USDA loan is another great low down payment option. Conventional mortgages are tailored to suit particular borrowers, so if your credit score and credit history are impressive, you can easily get the lender to do a 3% down loan. Otherwise, at least 10% to 20% is the standard for most conventional loans.

Regardless of how much you have saved, there’s a good chance that you’ll get a great home in South Carolina. In some cases you may even be eligible for a down payment assistance programs that can help. If you want to know more about the specifics of the down payment required for a house in South Carolina, contact us and we will help you shop for an affordable mortgage and answer any questions you have to see how much you can save.