FHA Loan Limits South Carolina 2022 |Limits by County and Home Type

In 2022, the FHA loan limits in South Carolina for a single-unit property range from $420,680 in lower price counties to $473,800 in higher-priced counties. Overall the range in FHA loan limits is fairly tight in South Carolina. Counties with higher living expenses tend to have higher FHA loan limits to accommodate the higher cost of living. Let’s take a look at how FHA loan limits vary by other counties and home types in South Carolina.

Editorial Note: All data regarding loan limits is pulled directly from the FHA and is current as of 2022. These numbers are subject to change and evaluated by the FHA each year.

South Carolina FHA Loan Limits 2022 – By County and Home Type

As you can see, there isn’t a large variance across the different counties in South Carolina when it comes to different FHA loan limits. One reason for that is due to generally lower housing prices across the state of South Carolina as a whole. Below are the counties in South Carolina with the highest median home sales price in 2022.

  • Berkeley – $412,000
  • Charleston – $412,000
  • Dorchester – $412,000

FHA Loan Limits in South Carolina Explained

Generally, the cost of living in South Carolina compared to different states across the United States is lower. The median home sales price in the state as a whole is considered below the national average.

Recommended Reading: FHA Loan Limits Florida 2022

As such, the FHA loan limits will be lower. The FHA loan limit is derived from the conforming loan limit for conventional mortgages during the past year.

How are FHA Loan Limits Determined in South Carolina

The FHA loan limits in South Carolina are subject to change each year. The loan limits are based on a set percentage of the conforming loan limits set by FHFA for conventional mortgages. Conventional loan limits reflect changes in the average U.S. home prices over the past year. The FHA loan limit is typically 65% of the conforming loan limit for conventional mortgages. Conventional loan limits vary between county-level limits for both high-cost and low-cost areas.

FHA loan limit calculation example:

The 2022 low-cost FHA limit in South Carolina or commonly referred to as the “floor” is $420,680 for a single-family home. The FHA “floor” is 65% of the conforming loan limit for conventional mortgages which was $647,200 in 2022. This limit is for a single-family unit. The low-cost loan limit goes up with each additional unit:

  • $606,550 – two-unit property
  • $733,150 – three-unit property
  • $911,150 – four-unit property

The higher FHA loan limits apply to higher-cost areas that tend to have higher median home prices. This is also a natural reflection of the varying home prices across different counties in South Carolina.

How to Qualify for an FHA Loan in South Carolina

South Carolina borrowers who are interested in getting an FHA loan will have to pass the standard FHA loan requirements. Individuals who may not have the cash for a down payment may qualify for SC ‘s Housing Homebuyer Program.

If you’re a first-time homebuyer or have purchased a home in the past, below are the FHA requirements you need to meet to qualify for an FHA loan in South Carolina.

  • FICO score at least 580 = 3.5% down payment
  • FICO score between 500 and 579 = 10% down payment
  • Mortgage insurance is required
  • DTI of less than 43%
  • The home must be the borrower’s primary residence
  • The borrower must be employed and have a steady income

These are the minimum requirements set by the FHA to qualify for a loan. Specific lenders will have their own set of qualifications that may be above what the FHA sets.

FHA Lenders South Carolina

Below are some of the most popular FHA lenders in South Carolina along with their minimum FHA credit score requirements in order to qualify.


Does South Carolina have down payment assistance?

The state of South Carolina offers down payment assistance to first-time homebuyers to help cover the cost of a down payment at your closing. This assistance is provided for FHA loans, VA, and USDA loans with solid interest rates.