South Carolina First Time Home Buyer Loans

If you’re a first time home buyer in South Carolina, there are many ways that you can obtain the funds you need to purchase your new home.  It’s not always easy to take out a mortgage loan, though, which is why we’ve made it our goal to assist individuals who are trying to get started as homeowners.

South Carolina First Time Home Buyer Information

Anyone who owns a home had to start out as a first time home buyer at some point.  You’re not alone.  Any homeowner will tell you what it was like the first time.  Confusion and stress are not uncommon when hunting for a home and trying to pick a mortgage.  Read through our first time home buyer checklist for advice and tips on getting your mortgage loan done right.

• What size of loan can you afford to borrow?  Ask yourself this question.  Make sure you don’t overextend yourself financially.
• Which type of mortgage is best for you?  There are many different mortgage options available, including fixed rate loans, adjustable rate mortgages, interest only loans, and more.  The loan term length can vary as well.  30 year and 15 year loan terms are common, and 20 and 40 year loan terms are also offered at times.
• Make sure your credit score is in good standing.  If your credit is poor, you won’t get a loan.  If you do somehow get a loan with poor credit, it will have a high interest rate attached.  You don’t want this.  It’s better to repair your credit first.
• Find the lender who can offer the lowest mortgage rate with the loan type you need.  This is the most important part of the loan.  The interest rate is literally the money you’re paying to borrow the funds.  Lenders don’t all offer the same rates.  Identify which lender offers the lowest rate and work from there.
• Seek preapproval.  Preapproval is an important part of the mortgage process.  With an official statement of preapproval in hand, you’re better equipped to negotiate with sellers.

Follow these five steps at least, but make sure you check out our checklist for a breakdown of the other steps involved.  Evaluate your financial situation through the mortgage calculator below to get an idea of what you’ll have to pay each month on your new mortgage.

1st Time Home Buyer Loan Programs

The loan program that is most beneficial to first time home buyers is the South Carolina FHA loan.  This mortgage type helps borrowers move into homes without having to pay lots of money as a down payment.  Moderately low credit is not usually an issue, either.  Identify the South Carolina FHA loan limits in your county to ensure that your loan amount can be funded through an FHA lender.  You can get additional information on the South Carolina page of the FHA website.

About South Carolina

Agriculture plays a large role in South Carolina's economy.  Textiles, machinery, paper goods and tourism are also major economic contributors.  The state capital is Columbia.  Columbia is a planned city that is often praised for its high quality of life and its many amenities.  The city was recently called one of America's most livable communities.  South Carolina has a median home price of $94,900 and a homeownership rate of 72.2%.  Own your first home in Columbia or any other beautiful city in South Carolina and begin building wealth as a first time home buyer.

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