The Federal Housing Administration or FHA, announced the 2017 SC FHA loan size limits in all areas of each state. Most of the SC FHA loan size limits increased from $271,050 to $275,650. But there are some counties which have higher limits. So make sure that you check these limits when considering an FHA loan.
Team Move frequently lends FHA loans throughout the Myrtle Beach and Horry County SC area. Horry County’s FHA limit also increased to $275,650 for 2017.
FHA loans are known for flexible guidelines, affordable monthly payments, and low cash to close. Many unknown, but valuable features include:
- Gift, down payment assistance, and other flexible down payment sources
- Up to 55% debt ratios allowed
- Non-occupying coborrowers
- As low as 600 credit scores
- Previous foreclosure, bankruptcy, or short sale allowed
- 1 year commission income often ok
- Seller paid costs up to 6% of sales price
- Low down payment condo loans
- Manufactured homes and modular home financing
- Renovation loans for home improvements
Keep in mind that the FHA funding fee of 1.75% of the loan amount is added on top of the base loan amount. These limits are the base loan only so the FHA funding fee is allowed to be over these limits.
So if using an FHA loan, check out these limits. Then compare your approximate loan amount with the corresponding FHA loan size limits.
Standard 2017 SC FHA Loan Size Limits:
- One-Family Homes = $275,650
- Two -Family Homes = $352.925
- Three-Family Homes = $426,600
- Four-Family Homes = $530,125
SC FHA loan size limits – Counties & Areas with higher limits
FHA Lender in the following SC counties:
Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Charleston, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Greenville, Greenwood, Hampton, Horry, Jasper, Kershaw, Lancaster, Laurens, Lee, Lexington, McCormick, Marion, Marlboro, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Sumter, Union, Williamsburg, York
Combine the benefits of an FHA loan with the SC Housing Down Payment Assistance Program too! Ask us how!
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.