FHA Loan Calculator for South Carolina (2022 Data)

Written by Steven PorrelloSeptember 14th, 20225 minute read

Jump to section: FHA loan calculator for South Carolina | How to estimate South Carolina FHA loans | South Carolina FHA loan requirements | FAQ

FHA Loan Calculator for South Carolina

Our South Carolina FHA loan calculator will help you estimate monthly mortgage payments on an FHA home loan, including South Carolina jumbo FHA loans. For most counties in South Carolina, you can borrow up to $420,680 for a single-family home, though some areas, like Charleston, have higher loan limits.

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FHA loan calculator for South Carolina

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How to calculate South Carolina FHA loan amount

Down payment

Your down payment is the portion of your home purchase that you pay upfront. As long as your credit score is 580 or higher, you have to pay only 3.5% (for those between 500 and 580, you have to put 10% down).

💸 Can my down payment be a gift? Unlike conventional loans, the FHA allows you to use gift money as your down payment. You must, however, provide a gift letter, which states that the money given to you is truly a gift and not a loan.

Mortgage insurance premiums (MIP)

The FHA requires you to pay mortgage insurance premiums (MIP), which is insurance that protects your lender if you default on your loan. MIP comes in two types:

  • Upfront MIP (UFMIP): 1.75% of your loan amount. You’ll pay this only once, during closing. You can either roll it into your financing or pay it in cash.
  • Annual MIP: 0.45–1.05% of your loan amount. This premium is typically broken into 12 monthly installments, which are wrapped up in your mortgage payment.
💡 Does annual MIP ever go away? If your down payment is less than 10%, you’ll pay annual MIP for the life of the loan. For down payments greater than 10%, annual MIP goes away after 11 years.

FHA maximum mortgage amount

The maximum FHA loan you can get in South Carolina is $420,680 for single-family homes. In certain high-cost counties (Berkeley County, Charleston, and Dorchester County), the loan limit jumps to $473,800. If you’re looking to buy 2-, 3-, or 4-unit properties, here are the loan limits for each:


Berkeley County, Charleston, or Dorchester County
All other counties
One unit
$473,800
$420,680
Two units
$606,550
$538,650
Three units
$733,150
$651,050
Four units
$911,150
$809,150

Annual real estate taxes

At closing, your lender will require you to prepay a certain amount of property taxes. Typically, you’ll pay property taxes at closing for the portion of the year you owned the home, plus two extra months. For instance, if you’re closing in March, you’ll pay property taxes for January, February, and March, plus April and May, for a total of five months' worth of taxes.

💰 How much will taxes cost? South Carolina has the fifth lowest property taxes in the U.S., with an effective property tax rate of 0.57%.

Annual homeowners insurance

You should expect to pay 14 months of homeowners insurance premiums at closing. Your lender will require a year’s worth of premiums, plus two extra months. They’ll put this money in an escrow account and pay your insurance company immediately when the home is officially yours. In South Carolina, the average cost for homeowners insurance is $1,165.

South Carolina FHA loan requirements

An FHA home loan in South Carolina requires a low down payment of only 3.5%, has lower closing costs, and may allow you to have a lower credit score and income than conventional mortgages. Here's what you'll need to qualify:

  • A minimum 3.5% down payment. You must pay at least 3.5% of the purchase price at closing. This money can come from your personal savings, or it can be a gift, donation, or grant.
  • A minimum credit score of 580. If your down payment is less than 10%, your credit score must be 580 or higher. The FHA will allow a credit score between 500 and 580 if your down payment is 10% or more.
  • Debt-to-income ratio of 43% or less. Your debt-to-income ratio measures how much of your pretax income goes toward monthly debt payments. The Federal Housing Administration usually requires debt-to-income ratios of 43% or less, though if yours is higher, you might still qualify if your credit score is above 580 (preferably 620).
  • A minimum of 2 open lines of credit. These can be two different credit cards, or a credit card and a loan.
  • 1–2 years of steady employment. The FHA requires lenders to verify that you’ve had at least 2 years of continuous employment. You don’t have to work at the same job for two years, or even in the same field. You just have to show that you’ve been working steadily for that amount of time. Certain gaps in employment, such as those caused by the COVID-19 pandemic, might be excused with a letter of explanation.
  • The home must be your primary residence. You must move into your home within 60 days of closing, then live there for at least one year. You cannot buy investment properties or second homes with an FHA.
  • The home must meet HUD minimum standards. The home must be safe, secure, and sound. You’ll need to get a property appraisal before you can get an FHA home loan.

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South Carolina FHA loan FAQ

FHA home loans in South Carolina do not require a minimum or maximum salary. Instead, you need a debt-to-income ratio that’s less than 43%.

To calculate your debt-to-income ratio, add your monthly bills (this includes your proposed mortgage payments). Then divide that by your pretax income. The result is your DTI.

If your monthly payments equal $2,000 while your pretax monthly income is $6,000, then the DTI ratio is 33.3% (2,000/6,000 = 33.33)

To get an FHA loan in South Carolina, you need the following:

  • Down payment: Minimum of 3.5%
  • Credit score: Minimum of 580 or 500 if the down payment is 10% or more
  • Debt-to-income ratio: 43%
  • Years of employment: At least 2 years of continuous employment (or a letter explaining why you have gaps)
  • Occupancy: Must be a primary residence
  • Open lines of credit: At least two lines of credit

The FHA requires a 3.5% down payment, so for the median sale price in South Carolina ($384,700), that's $13,465. Learn more about down payments for an FHA loan in South Carolina.

The maximum FHA loan amount for most counties in South Carolina is $420,680. If you live in Berkeley County, Charleston, or Dorchester County, your loan limits are $473,800.

To get an FHA loan in South Carolina, you need at least a 580 credit score. If your down payment exceeds 10% of the home’s purchase price, then the lowest credit score you can have is 500.