Thinking about a mortgage? We got you covered. The short answer to getting a mortgage in South Carolina is to talk with one of the best mortgage lenders in South Carolina! If you’re ready to buy, you’re going to need the help from a trusted lender. But, before you are ready to decide, let’s go over a more detailed list of how to get a mortgage in South Carolina.

how to get a mortgage in south carolina

Quick steps to getting a South Carolina mortgage:

  • Making the decision that you’re ready to buy.
  • Making sure that your finances are in order. Make sure your credit is in good standing and figure out how much you have available for a down payment and any closing costs.
  • Figuring out how much you can afford. Based on your credit and financials, and considering current market conditions, get an idea of an affordable home price.
  • Finding a good lender. Search for the best mortgage brokers in South Carolina.
  • Get your pre approval by talking to a mortgage professional about your situation. (An even better option is the Upfront Approval Guarantee)
  • Start shopping for your home and make offers. Once accepted you can formally apply and finalize underwriting and close on your new home!

Are you thinking of buying a home in South Carolina?

Before you get a mortgage in South Carolina, you first need to make the decision that you’re ready to buy a home. Buying a home is a pretty big deal so you need to make sure you’ve got some things in order before you move on to the next step. Make sure you have your credit in good standings, that you are prepared to make a don payment and have enough saved for any closing costs that will be associated with your mortgage.

What credit score is needed to buy a home in South Carolina?

This answer may vary depending on what type of loan you get, how much home you are buying and how much you have saved for a down payment. Some South Carolina loan programs will accept a credit score as low as 580, but you’re going to want to shoot for a 620 to 640 as a bare minimum to ensure you have access to the best options. As with most other lending, it’s no secret that the better the credit score the easier it can be for you to borrow, so do what you have to to get your credit back on track and your credit score as high as possible!

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

The down payment is a percentage of the home’s purchase price, so as you can imagine it will vary depending on the home you choose to buy. Most home buyers think you need a firm 20% down, but that is not always the case. With that said, the more you put down, the less you are borrowing, so a higher down payment can make for a better deal, even preventing the need for private mortgage insurance. Depending on what mortgage program you or the property qualify for can change the minimum down payment requirements. Here are some examples:

  • Conventional Loan – 3%
  • FHA Loan – 3.5% with a qualifying credit score (10% down for lower scores)
  • VA Loan – 0% down for qualifying borrowers
  • USDA Loan – 0% down for qualifying borrowers

What are the closing costs in South Carolina?

Closing costs in South Carolina can vary from about 2% – 5% of the loan amount. With the average home price in South Carolina being around $320,000 you would expect to pay between $5,120 to $12,800 at closing.

Looking for the best mortgage companies in South Carolina

Working with a trusted South Carolina mortgage company is an important part of the process. Having a lender that is educated on the mortgage process, the products and has local knowledge of the market is critical. Start with online research, look at positive testimonials and reviews or ask friends, family or coworkers who they may recommend.

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Getting pre approved for your South Carolina mortgage

Once you are satisfied and have chosen a mortgage lender you need to get pre approved. This is basically a note from a your lender that lets your Realtor and any potential sellers that you are good for the money. It gives you, and them, an idea of what you can afford based on a loose check of your financials. And even better option is an Upfront Approval Guarantee, which is basically upfront underwriting. That means that when you make an offer, everyone knows you are 100% good for it. It’s almost as good as cash. With a pre approval (or upfront underwriting) you’re ready to shop and make offers.

The underwriting and closing process

Once you have made an offer and the seller accepts you will undergo underwriting. If you chose to go with the Upfront Approval Guarantee this step is already done! If not, you’ll go through the underwriting process which is a more detailed version of your pre approval. After that you’ll close on your new home and be a South Carolina homeowner!