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 real estate market that is not always the case. Depending on other factors like your credit score and type of loan, you can get a mortgage with as little as 3.5% down payment. Some loans don’t even require any down payment at all. This shows there are highly customized loans 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?

That said, you might be interested in knowing the general rule with regards to South Carolina 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. Conventional mortgages are tailored to suit particular borrowers, so if your credit score and history are impressive you can easily get the lender to 3% down. Otherwise, at least 10% is the standard for most conventional loans.

Regardless of how much you have saved, there is a good level of guarantee that you will get a great home in South Carolina. There are even down payment assistance programs that can help you pay the amount, whatever it is. If you want to know more on South Carolina down payment for a house contact us and we will help you shop for an affordable mortgage, apply for a down payment assistance and also give you saving tips.

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