Our South Carolina Mortgage Programs
We understand that not everybody fits into the same mold. This is why we offer a variety of mortgage products, so that you can find one that best suits your income and lifestyle. Besides conventional mortgages, we can also offer a bank statement loan, connect you with a VA mortgage, or set you up with our real estate investor DSCR mortgage products. We are committed to bringing the most experienced South Carolina mortgage loan officers to our customers.
Areas We Serve
We are available to work with home buyers living in every corner of the Palmetto State. Whether you are moving to the beaches of the Grand Strand, starting a business near Darlington, or moving to the bustling streets of Columbia, we can help. Our South Carolina mortgage brokers offer competitive rates for every applicant, no matter where you call home.
At Griffin Funding, our mortgage brokers in South Carolina can serve areas that include:
- North Charleston
- Rock Hill
- Hilton Head Island
- And every SC community in between!
- Mount Pleasant
- Goose Creek
What Are the Options for a Home Loan in South Carolina?
As a mortgage lender in South Carolina, we provide potential homeowners with a variety of options for home loans. We work with an extensive network of conventional investors and banks. These loans typically look for more than a 3% down payment, have a 15- to 30-year payment plan, and offer a wealth of options for origination fees, points, and closing costs.
FHA and VA loans offer mortgages to veterans and lower-income individuals who are looking to buy their own home. If you are thinking of moving to a rural area, then USDA offers mortgages for moderate- to low-income families for single-family homes.
Our South Carolina Mortgage Programs
DSCR Loans in South Carolina: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
Asset-Based Loans in South Carolina: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
Bank Statement Loans in South Carolina: These loans allow you to qualify for a mortgage with your bank statements instead of the income verification methods required for traditional home loans. This option is typically advantageous for self-employed individuals whose W2’s do not accurately reflect their income.
FHA Loans for First-Time Homebuyers: An FHA loan is recommended for buyers who do not have funds available for a large down payment. Since these loans are insured by the FHA (Federal Housing Administration), you can buy a house with as little as 3.5% down.
VA Home Loans: Qualifying active-duty service members, veterans, and surviving spouses can take advantage of the home loan benefits afforded by the Department of Veteran Affairs. Because these loans are insured by the VA, you can secure much lower rates and even forgo a down payment.
USDA Home Loans: Depending on where you want to buy a home in California, you may be able to apply for a USDA mortgage. These loans are reserved for homes in qualifying rural areas.
Speak with one of our loan officers today to determine which of our California home loans best suits your needs.
Buying a House in South Carolina: Requirements and What to Expect
Before you are approved for a SC mortgage, there are a few steps required of every applicant. It is smart to know the answers to these questions before you apply for any mortgage.
Check Your Credit Score
The best mortgage rates are reserved for customers with credit scores over 800. However, if you have a score of 550 or better, there is an excellent chance that we can find a mortgage that will work for you. If you have some time before you are buying, you can potentially improve your score by 50 to 100 points in just six months.
Every lender will require proof of income. This may be as simple as submitting a few months of pay stubs. For individuals that earn a living through side gigs, are self-employed, or through a combination of jobs, the process can be more involved. Keep track of your income and tax statements.
Your Current Debt-to-Income Ratio
While living debt-free sounds appealing, mortgage companies like to see some debt on your credit report. Repaying a car loan or managing a credit card with no late payments shows fiscal responsibility. A debt-to-income ratio of more than 43% may be considered too high.
You will need to have your down payment set aside before you apply for the mortgage. You will need to show it as a current bank balance or provide an optional source for the down payment. Some first-time home buyers receive gifts from family to apply toward the down payment.
What Credit Score Is Needed to Buy a House in South Carolina?
Whether you are hunting for a SC mortgage for a home in Myrtle Beach or Spartanburg, you will likely need a credit score of at least 640 to qualify for most loans. This includes conventional, USDA, or VA loans. An FHA loan is a little more flexible in that it can accept applicants with a minimum score of 500.
How Much Money Do You Need to Buy a House in South Carolina?
The median price for homes in South Carolina varies dramatically from one county to the next. You can find homes for as low as $245,000 in Richland County. If you are looking in Charleston County, the average price soars up to $505,000.
South Carolina also has an income requirement to qualify for a first-time home buyer program mortgage. They look for a minimum annual income between $53,000 and $114,000. However, condos and townhomes in some areas may offer a more affordable price and more options for qualifying for a mortgage.
What Is the Current Mortgage Interest Rate in South Carolina?
Average homeowners in SC have monthly payments between $850 and $1200 for a $205,000 mortgage.
How Much Do You Need for a Down Payment for a House in South Carolina?
Most South Carolina mortgage lenders require a 3% down payment for conventional loans at the very minimum. An FHA loan demands 3.5%. For a USDA or VA loan, the down payment can be waived. For a $245,000 home, 3.5% is $8,575. Plus you will need money set aside for a home inspection, closing costs, moving costs, and possibly deposits for utilities.
Is It a Good Time to Buy a House in South Carolina?
In South Carolina, there are a variety of single-family homes, duplexes, condos, and rural homes on the market waiting for you to make a bid. By working with a qualified mortgage lender and real estate agent, you can find a home and secure financing right now that works for your budget.
Apply for Your South Carolina Home Loan
Are you ready to get approved for your SC mortgage? Griffin Funding is here to make it as simple as possible. With knowledgeable mortgage specialists waiting for your call or completed application, we will get the process moving without delay. Close on your new home as soon as possible once you receive your approval. Just complete an application and take your first steps toward homeownership today.