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2019 FHA Loan Limits in South Carolina

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The 2019 single-family loan limit for FHA loans in most of South Carolina is $314,827, though the limit rises to $388,700 in the three-county Charleston area.

That reflects differences in home values across the state. Median home prices are less than $200,000 in 32 of South Carolina’s 46 counties, and in six counties (Pickens, Laurens, Horry, Greenville, Anderson and Georgetown), the median ranges between $200,000 and $230,000, according to FHA data. These figures compare favorably to the rest of the country, as the National Association of Realtors reported a national median of $235,000 for typical homes in the third quarter of 2018.

Only in the eight counties around Charleston, Charlotte and Hilton Head do homeowners start noticing median prices higher than the national figures. Beaufort County, which includes the tourist haven of Hilton Head, has a median home price of $287,000, while Charleston County has a median of $338,000.

Because the limits of FHA loans adjust with median prices, they can be a good option for homebuyers throughout South Carolina, which has a total population of more than 5 million, according to recent Census estimates.

FHA loans are a relatively popular option in South Carolina. Approximately 1.8% of FHA loans originated nationwide came from South Carolina in 2018. The FHA reported in 2016 (the most recent year in which this data was available) that 20,122 loans generated in South Carolina were FHA loans, representing a total of $3.1 billion. Statewide, 22.4% of mortgage loans issued in 2015 were FHA loans.

South Carolina FHA loan limits by county

FHA Loan Limits in South Carolina
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Abbeville $331,760 $424,800 $513,450 $638,100 $77,000
Aiken $331,760 $424,800 $513,450 $638,100 $204,000
Allendale $331,760 $424,800 $513,450 $638,100 $22,000
Anderson $331,760 $424,800 $513,450 $638,100 $210,000
Bamberg $331,760 $424,800 $513,450 $638,100 $34,000
Barnwell $331,760 $424,800 $513,450 $638,100 $52,000
Beaufort $350,750 $449,000 $542,750 $674,500 $299,000
Berkeley $391,000 $500,550 $605,050 $751,900 $340,000
Calhoun $331,760 $424,800 $513,450 $638,100 $169,000
Charleston $391,000 $500,550 $605,050 $751,900 $340,000
Cherokee $331,760 $424,800 $513,450 $638,100 $74,000
Chester $331,760 $424,800 $513,450 $638,100 $282,000
Chesterfield $331,760 $424,800 $513,450 $638,100 $70,000
Clarendon $331,760 $424,800 $513,450 $638,100 $130,000
Colleton $331,760 $424,800 $513,450 $638,100 $111,000
Darlington $331,760 $424,800 $513,450 $638,100 $139,000
Dillon $331,760 $424,800 $513,450 $638,100 $30,000
Dorchester $391,000 $500,550 $605,050 $751,900 $340,000
Edgefield $331,760 $424,800 $513,450 $638,100 $204,000
Fairfield $331,760 $424,800 $513,450 $638,100 $169,000
Florence $331,760 $424,800 $513,450 $638,100 $139,000
Georgetown $331,760 $424,800 $513,450 $638,100 $250,000
Greenville $331,760 $424,800 $513,450 $638,100 $210,000
Greenwood $331,760 $424,800 $513,450 $638,100 $97,000
Hampton $331,760 $424,800 $513,450 $638,100 $60,000
Horry $331,760 $424,800 $513,450 $638,100 $210,000
Jasper $350,750 $449,000 $542,750 $674,500 $299,000
Kershaw $331,760 $424,800 $513,450 $638,100 $169,000
Lancaster $331,760 $424,800 $513,450 $638,100 $282,000
Laurens $331,760 $424,800 $513,450 $638,100 $210,000
Lee $331,760 $424,800 $513,450 $638,100 $52,000
Lexington $331,760 $424,800 $513,450 $638,100 $169,000
Mccormick $331,760 $424,800 $513,450 $638,100 $137,000
Marion $331,760 $424,800 $513,450 $638,100 $89,000
Marlboro $331,760 $424,800 $513,450 $638,100 $18,000
Newberry $331,760 $424,800 $513,450 $638,100 $117,000
Oconee $331,760 $424,800 $513,450 $638,100 $155,000
Orangeburg $331,760 $424,800 $513,450 $638,100 $78,000
Pickens $331,760 $424,800 $513,450 $638,100 $210,000
Richland $331,760 $424,800 $513,450 $638,100 $169,000
Saluda $331,760 $424,800 $513,450 $638,100 $169,000
Spartanburg $331,760 $424,800 $513,450 $638,100 $150,000
Sumter $331,760 $424,800 $513,450 $638,100 $130,000
Union $331,760 $424,800 $513,450 $638,100 $40,000
Williamsburg $331,760 $424,800 $513,450 $638,100 $44,000
York $331,760 $424,800 $513,450 $638,100 $282,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, that limit is $484,350.

The FHA “floor” is the largest mortgage the agency will insure in most of the country and is set at $314,827 for 2019. The FHA “ceiling” applies to high-cost areas and is set at 150% of the conforming loan limit, or $726,525. Outside of a few exceptions, this is the highest mortgage the agency will insure for a single-family home. In other areas, loan limits fall somewhere between the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in South Carolina?

Before you choose the loan or lender you believe is right for you, you should do your research and shop around. This is especially true if you have concerns about whether you’ll be able to qualify for an FHA mortgage. Ready to learn more about other FHA loan requirements, such as credit score, income, etc.? This helpful guide from LendingTree is a great place to start your research.

 

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