![]() But the good news is that you don’t need that much. Of course, only some first-time buyers have saved enough for 20% down. If you’re a first-time home buyer in South Carolina with a 20% down payment, you can get a conventional loan with a low interest rate and no private mortgage insurance (PMI). If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the US Department of Agriculture), you may not need any down payment at all.įirst-time home buyer loans in South Carolina “Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. Up to 5% of the loan value statewide through Palmetto Home Advantageĭown payment amounts are based on the state's most recently available average home sale price. Start here South Carolina home buyer stats Average Home Sale Price in SC 1 Verify your home buying eligibility in South Carolina. The Palmetto State has mortgage loans and grants to help ease the cost of buying a home, making it easier for people who qualify to become homeowners. South Carolina first-time home buyers may face challenges like a competitive housing market and rising home prices. That was a 5.1% increase from the previous year. The median home sale price in South Carolina was $370,000 in August 2023, according to South Carolina REALTORS. Ready to take your first step toward buying a home? Here’s what you should know. These resources can help you navigate the home buying process and make informed decisions. The state offers home buyer education classes, special mortgages, and down payment assistance. South Carolina first-time home buyers have plenty of resources at their disposal. Octo11 min read What to know about buying a house in South Carolina
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