Mortgage lenders in South Carolina

When searching for the right mortgage lender, find out if you qualify for assistance programs — then compare the rates, down payment requirements, closing costs and credit requirements of qualified lenders.

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Features	Loan types: Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA Minimum credit score: 620 Minimum down payment: 3.5%

Mortgage lenders for veterans in South Carolina

While South Carolina doesn’t offer veterans state assistance for mortgages, look to federal programs for financial help. You could qualify for zero down or get your mortgage without private mortgage insurance (PMI).

How to compare mortgage lenders in South Carolina

Save money over the life of your loan by comparing the APRs and credit requirements across lenders. Also, compare down payment requirements and closing costs, usually a percentage of your loan.

Your closing costs typically include:

• Direct lender fees. Origination fees, document preparation, processing and tax service fees are all included in this category.
• Third-party fees. The appraisal is one of the biggest third-party fees, but potentially one you can negotiate. Attorney fees and postage or courier costs are also part of this fee group.

What to consider when looking for a mortgage in South Carolina

South Carolina doesn’t offer state-funded mortgage support, but you may find federal support. Aside from the federal program for veterans, you can find assistance from the U.S. Department of Housing and Urban Development and U.S. Department of Agriculture and Rural Development.

You can also find private assistance programs. The South Carolina State Housing Finance and Development Authority offers down payment assistance. Review eligibility requirements to avoid spending unnecessary time on applications that won’t move forward.

Closing cost fees in South Carolina

South Carolina has among the lowest closing costs before taxes in the nation, ranking 41. You’ll likely pay between $1,620 and $2,430 before taxes, according to 2019 research by finder.com.

For more in-depth information, including what other fees may be negotiable, check out our guide to South Carolina closing cost fees.

Bottom line

Closing costs can be low and you could negotiate them down further. But, you won’t have as many options for government support in South Carolina as other states. Check to see what federal programs you might qualify for before applying.

Comparing mortgage options and learn more about the process before you move forward.

Frequently asked questions

• Do I need an attorney present during closing?

  Yes. South Carolina law requires you to have an attorney present when you close on a mortgage.

• Do I have to pay back the down payment assistance I receive?

  It depends. The program you apply with specifies the need to pay back down payment assistance. If you do, it’s generally rolled into the price of the mortgage. Ask about the rate you receive for the amount you need to pay back.

• What is a good faith estimate and can I get one?

  Mortgage lenders are required by law to provide a full estimate of the potential closing costs. The estimate is not a guarantee, and the costs can shift higher or lower between when it’s provided and when the deal is finalized.