South Carolina Mortgage Guide 2026
Everything you need to know about getting a mortgage in South Carolina — loan limits by county, available programs, property taxes, closing costs, and how the South Carolina housing market affects your financing options.
South Carolina Loan Limits by County (2026)
Conforming loan limits determine the maximum loan amount eligible for conventional financing through Fannie Mae and Freddie Mac. FHA loan limits track conforming limits in most counties. No South Carolina county is classified as a high-cost area for 2026, but the Charleston and Hilton Head-Bluffton metro areas do sit above the national FHA floor.
| County | Conforming Limit | FHA Limit | Notes |
|---|---|---|---|
| Charleston County | $832,750 | $690,000 | Charleston-North Charleston metro |
| Berkeley County | $832,750 | $690,000 | Charleston-North Charleston metro |
| Beaufort County | $832,750 | $638,250 | Hilton Head Island-Bluffton metro |
| Jasper County | $832,750 | $638,250 | Hilton Head Island-Bluffton metro |
| Richland County (Columbia) | $832,750 | $541,287 | Standard floor |
| Lexington County (Columbia metro) | $832,750 | $541,287 | Standard floor |
| Greenville County | $832,750 | $541,287 | Standard floor |
| Horry County (Myrtle Beach) | $832,750 | $541,287 | Standard floor |
| Spartanburg County | $832,750 | $541,287 | Standard floor |
| York County (Rock Hill) | $832,750 | $541,287 | Standard floor |
| All other South Carolina counties | $832,750 | $541,287 | Standard floor |
No South Carolina county is high-cost in 2026. Charleston, Berkeley, Beaufort, and Jasper counties sit above the $541,287 national floor due to local median home prices, but none reach the high-cost ceiling. Limits are set per-county by HUD and updated annually; always confirm your exact county limit using HUD’s official FHA limit lookup tool.
Loan Programs Available in South Carolina
All major federal mortgage programs are available statewide in South Carolina. Here’s how each compares for South Carolina buyers:
| Program | Min Down Payment | Min Credit Score | Best For |
|---|---|---|---|
| FHA | 3.5% | 580 | First-time buyers, lower credit scores |
| VA | 0% | 580–620 (lender overlay) | Veterans, active duty, surviving spouses |
| USDA | 0% | 640 | Rural/suburban buyers who meet income limits |
| Conventional | 3–20% | 620 | Strong credit, wants to avoid lifetime MIP |
| Jumbo | 10–20% | 700+ | Purchases above conforming limits |
| SC Housing Homebuyer Program | As low as 0%* | 640 | First-time and repeat buyers using SC Housing DPA |
*With SC Housing down payment assistance layered onto an FHA, VA, USDA, or conventional base loan.
SC Housing Programs
South Carolina State Housing Finance and Development Authority (SC Housing) is the state’s housing finance agency and offers below-market mortgage rates and down payment assistance for South Carolina buyers. All SC Housing loans must be originated through a participating lender.
SC Housing Loan Types
| Program | Who Qualifies | Key Feature |
|---|---|---|
| SC Housing Homebuyer Program | First-time and repeat buyers | FHA, VA, USDA, or conventional first mortgage with optional DPA |
| Palmetto Heroes | Teachers, first responders, healthcare workers, military | $10,000 forgivable down payment assistance |
| Palmetto Home Advantage | Buyers not restricted to first-time status | Forgivable down payment assistance options |
| County First Initiative | Buyers in participating counties | Forgivable down payment assistance |
SC Housing Down Payment Assistance
SC Housing’s flagship Homebuyer Program DPA is structured as a 0% interest, no-monthly-payment, 15-year forgivable second mortgage. Funds may be used for down payment, closing costs, and/or prepaid items. It is fully forgiven if the borrower occupies the home for the full 15-year term. The exact assistance amount is allocated by SC Housing based on fund availability at the time of reservation — it is not a fixed dollar figure or percentage, and is reserved through an SC Housing-approved lending partner.
Palmetto Heroes is a fixed, published figure. Unlike the flagship Homebuyer Program, Palmetto Heroes offers a confirmed $10,000 in forgivable down payment assistance for eligible teachers, first responders, healthcare workers, and military service members. Verify current program terms at schousing.sc.gov.
Property Taxes in South Carolina
South Carolina’s effective property tax rate is approximately 0.45% of assessed value — well below the roughly 0.89% national average. This directly affects your monthly PITI payment and your qualifying DTI.
Key rule: South Carolina assesses owner-occupied primary residences at just 4% of fair market value, compared to 6% for second homes and investment property. This preferential assessment ratio is already factored into the 0.45% effective rate used below. Homeowners 65+, totally and permanently disabled, or legally blind also qualify for a homestead exemption on the first $50,000 of fair market value (SC Code §12-37-250), administered by the county auditor.
| Home Value | Est. Annual Tax (0.45%) | Monthly Escrow |
|---|---|---|
| $300,000 | ~$1,350 | ~$113/mo |
| $400,000 | ~$1,800 | ~$150/mo |
| $500,000 | ~$2,250 | ~$188/mo |
| $650,000 | ~$2,925 | ~$244/mo |
Rates vary by taxing district. Your exact rate depends on your county, school district, and any special service districts. The 0.45% figure is a statewide effective average for primary residences — verify parcel-specific rates with your county assessor before finalizing your budget.
Closing Costs in South Carolina
South Carolina closing costs typically run 2.5%–4.0% of the purchase price for buyers. Unlike some states, South Carolina does charge a deed recording fee that functions as its real estate transfer tax. South Carolina also requires a licensed attorney at every closing — a requirement not shared by every state. Examples below assume a $400,000 purchase.
| Fee | Rate / Amount | On a $400,000 Purchase |
|---|---|---|
| Attorney fee (required) | $800–$2,000 per side | $800–$2,000 |
| Loan origination fee | 0.5–1% of loan | ~$2,000–$4,000 |
| Title search | $250–$600 | $250–$600 |
| Owner’s title insurance | $350–$500 per $100K | ~$1,400–$2,000 |
| Appraisal | $450–$750 | $450–$750 |
| Home inspection | $350–$650 | $350–$650 |
| Recording fees | $50–$200 | $50–$200 |
| Deed recording fee (transfer tax) | $1.85 per $500 of value | ~$1,480 |
South Carolina does levy a transfer-tax equivalent. The deed recording fee is $1.85 per $500 of realty value ($1.30 state portion, $0.55 county portion) — on a $400,000 purchase, that’s roughly $1,480. Confirm current requirements at the SC Department of Revenue.
South Carolina Housing Market Overview (2026)
South Carolina continues to draw relocation buyers from across the country, driven by no state income tax on Social Security, a lower cost of living than neighboring coastal states, and a growing military and manufacturing economy. Coastal and lake markets remain in high demand while inland metros like Columbia and Spartanburg offer relative affordability.
| Area | Key Notes |
|---|---|
| Charleston County | Coastal premium market; Joint Base Charleston nearby |
| Berkeley County | Charleston-metro growth corridor |
| York County (Rock Hill) | Charlotte-metro spillover market |
| Greenville County | Upstate growth hub; strong job market |
| Horry County (Myrtle Beach) | Coastal/tourism-driven, relocation demand |
| Spartanburg County | More affordable Upstate alternative |
| Lexington County | Columbia-metro suburb |
| Columbia (city) | Fort Jackson nearby; most affordable major metro |
