Best Mortgage Rates in South Carolina

30-Year Fixed

Most Popular

15-Year Fixed

Lower Interest

5/1 ARM

Adjustable Rate

FHA Loan

Low Down Payment

VA Loan

Veterans Only

🏠 South Carolina First-Time Homebuyer Programs

• SC State Housing Finance and Development Authority First-Time Homebuyer Program
• Palmetto Heroes Program
• Home Funds Program

📊 South Carolina Housing Market

What are current mortgage rates in South Carolina?

Current South Carolina mortgage rates are 6.85% for a 30-year fixed loan, 6.25% for a 15-year fixed, and 6.55% for FHA loans. Rates vary by lender and individual qualifications.

How much house can I afford in South Carolina?

With a median home price of $220,000, you can use our mortgage calculator to determine affordability. Generally, housing costs should not exceed 28% of your gross monthly income, including property taxes of approximately 0.57% annually.

What first-time homebuyer programs are available in South Carolina?

South Carolina offers several first-time homebuyer programs including the SC State Housing Finance and Development Authority First-Time Homebuyer Program. These programs often provide down payment assistance, reduced interest rates, or other benefits. Contact the SC State Housing Finance and Development Authority for details.

How do South Carolina property taxes affect my mortgage payment?

South Carolina has a property tax rate of 0.57%, which means approximately $1,254 annually on a median-priced home. Property taxes are typically included in your monthly mortgage payment through an escrow account.

Should I choose a fixed or adjustable rate mortgage in South Carolina?

Fixed-rate mortgages offer payment stability, while adjustable-rate mortgages (ARMs) like the 5/1 ARM at 6.45% may offer lower initial rates. Consider your long-term plans and risk tolerance when choosing between fixed and adjustable rates.

How do I qualify for the best mortgage rates in South Carolina?

To qualify for the best South Carolina mortgage rates, maintain a credit score above 740, save for a down payment of 20% or more, keep your debt-to-income ratio below 36%, and shop with multiple lenders. Consider getting pre-approved to understand your rate options.