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South Carolina Mortgage Rates

South Carolina Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-08-27T07:07:51

Comparing South Carolina Mortgage Rates with National Rates

In order to help you see how South Carolina mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in South Carolina

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in South Carolina

In order to qualify for the best mortgage rates in South Carolina it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for South Carolina

South Carolina is the twenty third most populous US state. According to the US census, as of 2017, there is an estimated population of over 4.9 million residents, which represents 1.5% of the US population. According to the South Carolina Department of Commerce “South Carolina is home to some of the most successful and innovative companies in the aerospace, agribusiness, automotive, manufacturing and technology industries.”

Based on 2015 HMDA data, South Carolina compared to National loan program distribution, had a lower percentage of conventional loans (63% vs 69% nationally). VA loans (14%) were higher than the national average (10%).

Here are some outside resources that can help you understand the South Carolina mortgage environment:

  1. FHA loan amounts in South Carolina: (note:set the table to South Carolina). There are 46 counties in the state of South Carolina of which none of the single family units meet the Highest loan limit, currently at $636,150. The vast majority, 80% of the counties are at the Standard loan limit, currently at $275,665. The remaining 20% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for South Carolina and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties meet this limit.
  3. South Carolina Mortgage Programs: The South Carolina South Carolina State Housing Finance and Development Authority has a number of programs to help low-to-moderate income S.C. families purchase a home. This includes a down payment assistance program, mortgage tax credit program, and various mortgage loan programs. The major benefits of their programs are "lower interest rates and reduced mortgage insurance rates that allow you to have a more affordable monthly payment and save thousands of dollars over the life of a mortgage". There are credit, income and property restrictions on their programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for South Carolina

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between South Carolina and the US:

  • Mortgage Rates for Conventional Loans in South Carolina
  • Mortgage Fees for Conventional Loans in South Carolina
  • Purchase Price for Conventional Loans in South Carolina

Mortgage Rates for Conventional Loans in South Carolina vs USA

Mortgage Fees for Conventional Loans South Carolina vs USA

Purchase Price Conventional Loans in South Carolina vs USA