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Guide to South Carolina Mortgages
Maybe you are buying your first home in South Carolina, or perhaps you're relocating to South Carolina from another state. Then again, you may be a long-time South Carolina resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on South Carolina home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in South Carolina:
The median price of a home in South Carolina is $211,500. Recently, homes in South Carolina have been appreciating at rates well above the national average. As a result, income levels in many parts of South Carolina are too low to purchase a median-priced home with a conventional loan. Although average interest rates in South Carolina are below the national average, South Carolina has one of the lowest levels of home affordability in the nation.
In South Carolina, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
South Carolina's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. South Carolina law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, South Carolina law enacted a set of anti-predatory lending laws in order to help protect South Carolina homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of South Carolina, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for South Carolina FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for South Carolina's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of South Carolina also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, South Carolina's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the South Carolina Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
South Carolina Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
South Carolina |
United States |
| Total housing units |
1,927,864 |
n/a |
| Owner-occupied housing units |
70.1% |
66.9% |
| Renter-occupied housing units |
29.9% |
33.1% |
| Vacant housing units |
15.1% |
10.8% |
| Average Home Value |
$113,100 |
$167,500 |
| Average Mortgage Payment |
$991.00 |
$1,295.00 |
| Average Rental Payment |
$286 .00 |
$388.00 |
| Total Population |
4,113,961 |
n/a |
| Percentage Male |
48.3% |
49.0% |
| Percentage Female |
51.7% |
51.0% |
| Median Age |
37.1 |
36.4 |
| Under 5 years |
6.8% |
7.0% |
| 18 years and over |
75.2% |
74.6% |
| 65 years and over |
12.3% |
12.1% |
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1 Year Market Value Change for South Carolina |
| 1yr | 5yr | 10yr |
 |
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Popular South Carolina Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Aiken |
25,337 |
$44,172 |
| Anderson |
25,514 |
$27,716 |
| Charleston |
96,650 |
$35,295 |
| Columbia |
116,278 |
$31,141 |
| Easley |
17,754 |
$38,204 |
| Florence |
30,248 |
$35,388 |
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| Old South Mortgage Corporation |
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Old South Mortgage started its operations in 1995 in Mt. Pleasant, SC. Today, we are located on Carriage Lane in Charleston, SC and we lend to homeowners throughout the state of South Carolina. We offer virtually any type of home loan and we will always strive to offer competitive rates and to keep costs at a minimum. One of the main priorities of a borrower is locking in on low rate. This is why we are proud to offer some of the most competitive rates available in the market today. Whether your credit is flawless or less-than-perfect, we promise you a competitive rate. We are located right here in Charleston, SC and we know the area and its characteristics. We can give you the one on one personal service that you deserve. At the same time, technology has allowed us to offer faster closings than ever before and the most competitive and creative home loan programs that the market has ever seen. Personal service, convenience, and no red tape are what you will get when you turn to Old South Mortgage. Here is a list of some of the loan variations that we offer: 107% Financing for Purchases, Jumbo Loans (Amounts over $417,000.00), VA Loans, 100% Financing for Investment Property, Special 107%, Refinance Programs, Home Improvement Loans, Equity Lines, Interest-Only-Loans, Programs for previous (and current) Bankruptcy, Slow Credit Programs and much more! Old South Mortgage Corporation
4 Carriage Lane Suite 203B
Charleston, SC 29407
843-573-4780
800-849-2204
843-573-4781(fax) Old South Mortgage Corporation is a real estate broker licensed by the SC Dept of Real Estate License
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| Preferred Financial Services |
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Preferred Financial Services, Inc. is a mortgage lending institution that prides itself in providing high quality financial services to the public and making sure that each client achieves their financial and mortgage needs. It is our mission to provide high quality mortgage programs at the most competitive rates in the nation. Our home loan programs include: purchase, refinance, debt consolidation, home equity loans, second mortgages, construction loans, and home improvement loans. We make sure that each loan is tailored to your specific needs. Our staff of mortgage service professionals makes themselves accessible to clients around the clock, and strives to obtain the best mortgage loan package no matter what the situation. Our goal is to provide exceptional customer service and to make sure that the loan process is easy, efficient and stress-free. Here is a list of our loan products: 100% Financing, Full Doc and Stated Income, Fixed Rate Mortgages, Adjustable Rate Mortgages, Types of Standard ARM's, Introductory Rate ARM's, Reverse Mortgages and Balloon Mortgages. Preferred Financial Services
311 Pettigru Street
Greenville, SC 29601
800.894.8812 - Toll Free
864.235.9596 - Office
864.235.9688 - Fax License # SC: 14381-92
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| TNT Mortgage |
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TNT Mortgage, LLC is a full service residential and commercial mortgage broker. We provide residential home loans in South Carolina and Virginia and commercial loans throughout the country. Our company's philosophy is to provide the consumer with an experienced, committed, partner in the mortgage process to assist in making the loan process easy, efficient and stress-free. We originate hundreds of loans a year, whereas most individuals are only involved with two or three loans in their lifetime. Our experience goes to work for you to provide the best service and information about the full range of loan products we have to offer. We are headquartered in sunny Greenville, SC and provide residential mortgages through all of South Carolina and Virginia. Our corporate growth plan is to develop the business model of being an Upfront Mortgage Broker. Our Loan Origination Team consists of experienced loan officers in all aspects of residential and commercial mortgage lending. We have the best network of wholesale lenders in the market and we have over one hundred forty different loan scenarios to help you meet your lending needs. For either refinance or purchase transactions, our team will work to insure you get the best loan at the best price. Our loan products include FNMA (Fannie Mae), FHLMC (Freddie Mac), GNMA (Government Loans) and alternative program lenders. We will never suggest you complete a loan transaction that does not provide you with a tangible net benefit. Our commitment is to be your loan broker for life and insure you receive the best advice and the best programs at the best rates and lowest fees. We look forward to working for you! TNT Mortgage
3535 Pelham Road, Suite 203
Greenville, South Carolina 29615
Toll-Free: 888-682-1700
Direct: 864-234-8475
FAX: 864-234-8476 TNT Mortgage is a real estate broker licensed by the SC Dept of Real Estate License
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