A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent. South Carolina VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA).If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. South Carolina FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA).If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well. South Carolina conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent.If you’re looking to get a mortgage in South Carolina, there are several options: South Carolina mortgage rate trendsĪs of October 2023, mortgage rates nationally and in South Carolina were at their highest levels since 2000, according to Bankrate’s national survey of lenders. Check out Bankrate’s mortgage refinance calculator to estimate how much you might save at various rates. However, if you need to refinance the mortgage for your home in South Carolina, you could save thousands by shopping around for offers. It’s generally not a good time to refinance if you can’t get a lower rate. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future. As of Wednesday, December 13, 2023, current interest rates in South Carolina are 7.44% for a 30-year fixed mortgage and 6.79% for a 15-year fixed mortgage.Įlevated mortgage rates continue to make housing affordability a challenge for South Carolina homebuyers, and refinances far less desirable for homeowners. See how your monthly payment changes by making updates. Mortgage interest rates have surged this year, meaning a home you were able to afford in South Carolina just a few short months ago might be out of reach today. Use this free Virginia Mortgage Calculator to estimate your monthly payment, including taxes, homeowner insurance, principal, and interest. But USDA removes that barrier for low-to-moderate-income borrowers. median home price of 454,900 today, 3 down payment would mean you need to save over 13,000 before you can buy your home. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential. Conventional loans require a borrower to put down 3-5 of the home price before they will consider your application. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers.
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