FHA Mortgage Lenders South Carolina
Charleston – Columbia – North Charleston – Mount Pleasant – Rock Hill – Greenville- Summerville – Goose Creek – Hilton Head Island – Sumter -Florence – Myrtle Beach – Greer – Spartanburg – Bluffton – Aiken – Hanahan – Fort Mill
What is the minimum credit score?
If the Minimum FHA Mortgage Credit Score is at or above 580+ the FHA mortgage applicant is eligible for 96.5% Financing. Our Minimum Credit Score for an FHA mortgage is 500. If the Minimum FHA Mortgage Credit Score is between 500 and 579, the FHA mortgage applicant is limited to a maximum loan-to-value (LTV) of 90 percent of the loan amount.
What Is an FHA Mortgage?
An FHA mortgage loan issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Created for low-to-moderate-income borrowers, FHA mortgage loans require lower minimum down payments and credit scores than many conventional loans.
FHA Mortgage Lenders Require Minimum Down Payments
- 3.5% Down Payment can be from downpayment assistance or gifted.
- The seller can pay up to 6% of the sale price for the closing costs!
- Credit Scores as Low as 500 case by case!
- 3 year waiting period for prior short sales and foreclosures.
FHA Mortgage Lenders Manual Underwriting Approvals
FHA Manual Underwrite Lenders Specifications allow credit scores between 500 – 579 ·31/43 ·Case by case FHA ratios may stretch ratios to 33/45 ·Max LTV 90% unless cash out (80%) ·No gifts ·No down payment assistance ·No streamlines ·One month in reserves for 1-2-unit Properties, three months in reserves for 3-4-unit properties (cannot be a…
FHA Requires Minimum Downpayment and Closing Cost!
• South Carolina Down payment only 3.5% of the purchase price.
• Gifts from family or Grants for down payment assistance and closing costs OK!
• Seller can credit buyers up to 6% of sales price towards buyer’s costs.
• No reserves or future payments in account required.
• FHA regulated closing costs.
FHA Mortgage Lenders Allow Compensating Factors To Help Qualify!
FHA COMPENSATING FACTORS What are FHA compensating factors? (FHA compensating factors are the stronger elements of a credit application that it offsets something weaker in the application) but it’s more complicated than that. Different FHA Lenders manage the consideration of compensating factors in different ways. FHA’s written guidelines outline specific examples of what FHA compensating factors…
FHA Mortgages Have Minimum Downpayment And Closing Cost!
• Purchase a home 12 months after a chapter 13 Bankruptcy
• Purchase a Florida 24 months after a chapter 7 Bankruptcy.
• FHA will allow an FHA mortgage 3 years after a Foreclosure.
• Minimum FICO credit score of 580 required for 96.5% financing.
• Bad credit Florida FHA mortgage approvals minimum FICO credit score of 500 required for 90 FHA financing.
• No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
South Carolina FHA Mortgage Loans Limits Explained
One limitation you will find with an FHA mortgage is the loan limits set by HUD. The annual FHA Loan limits are set by FHA and limit the amounts you are allowed to borrow. The FHA search tool provided by the FHA list the FHA loan limits by county located here FHA Loan Limits Search Tool!
Will FHA Mortgage Lenders Accept bad credit?
What are the requirements for a manually underwritten mortgage? The bad credit FHA mortgage lenders must use a traditional credit report, if available. A Residential Mortgage Credit report (RMCR) must be obtained from an independent credit reporting agency. The Bad credit FHA mortgage lenders must use the same…
FHA Mortgage Lenders Allow Higher Debt To Income Ratios
• FHA allows higher debt ratios than any other Florida home loan program.
• Less than two years on the same job is OK!
• Self-employed buyers can also qualify for FHA.
• Check Florida FHA Mortgage Articles for more information.
How Are FHA Mortgage Loans Different?
FHA mortgage is the government’s form of mortgage insurance that requires that you pay two types of FHA mortgage insurance premiums. The UFMIP Upfront Mortgage Insurance Premium is paid at closing and the Annual MIP is charged monthly. The Upfront MIP is based on the FHA base loan amount. You pay this at the time of closing, or it can be financed into the loan. The UFMIP and MIP payments are deposited into an escrow account set up by the U.S. Treasury Department, and the funds are used to cover FHA in the case of default.
Can I get pre-approved After Bankruptcy?
A Chapter 7 bankruptcy (liquidation) does not disqualify an FHA mortgage applicant from obtaining an FHA-insured Mortgage if, at the time of case number assignment, at least 2 years have passed since the date and 12 months after a chapter 13 bankruptcy.…
South Carolina FHA Mortgage Lenders Coverage Areas
Charleston 150,227
Columbia 136,632
North Charleston 114,852
Mount Pleasant 90,801
Rock Hill 74,372
Greenville 70,720
Summerville 50,915
Goose Creek 45,946
Sumter 43,463
Florence 39,899
Spartanburg 38,732
Hilton Head Island 37,661
Myrtle Beach 35,682
Greer 35,308
Aiken 32,025
Anderson 28,106
Bluffton 27,716
Conway 24,849
Mauldin 24,724
Fort Mill 24,521
North Augusta 24,379
Lexington 23,568
Simpsonville 23,354
Easley 22,921
Greenwood 22,545
Hanahan 20,325
North Myrtle Beach 18,790
Clemson 17,681
West Columbia 17,416
Port Royal 14,220
Cayce 13,781
Beaufort 13,607
Moncks Corner 13,297
Orangeburg 13,240
Tega Cay 12,832
Gaffney 12,764
James Island 11,624
Irmo 11,569
Newberry 10,691
Forest Acres 10,617
Fountain Inn 10,416
Laurens 9,335
Seneca 8,850
York 8,503
Lancaster 8,460
Georgetown 8,403
Union 8,174
Camden 7,788
Travelers Rest 7,788
Clinton 7,633
Hardeeville 7,473
Hartsville 7,446
Bennettsville 7,020
Clover 6,671
Marion 6,448
Dillon 6,384
Lyman 6,173
Darlington 6,149
Lake City 5,903
Walterboro 5,544
Hollywood 5,339
Batesburg-Leesville 5,270
Chester 5,269
Central 5,247
Cheraw 5,040
Abbeville 4,874
Blythewood 4,772
Barnwell 4,652
Isle of Palms 4,347
Belton 4,335
Woodruff 4,212
Surfside Beach 4,155
Walhalla 4,072
Williamston 4,043
Duncan 4,041
Mullins 4,026
Manning 3,878
Ridgeland 3,758
Honea Path 3,686
Pendleton 3,489
Pickens 3,388
Liberty 3,366
Wellford 3,293
Kingstree 3,244
Winnsboro 3,215
Denmark 3,186
Saluda 3,122
Burnettown 3,105
Bamberg 3,076
Bishopville 3,024
Inman 2,990
Williston 2,877
Springdale 2,744
Allendale 2,694
Hampton 2,694
Andrews 2,575
Ravenel 2,542
Landrum 2,481
Pageland 2,456
Loris 2,449
South Congaree 2,377
Westminster 2,353
Edgefield 2,322
Pacolet 2,274
McCormick 2,232
New Ellenton 2,210
Pine Ridge 2,167
Timmonsville 2,099
Folly Beach 2,078
Ninety Six 2,076
McColl 2,070
Seabrook Island 2,050
Cowpens 2,023
Kiawah Island 2,013
Johnston 1,997
Great Falls 1,951
Blackville 1,923
Sullivan’s Island 1,891
Blacksburg 1,889
St. George 1,843
St. Matthews 1,841
Estill 1,821
Chapin 1,809
Calhoun Falls 1,727
Ware Shoals 1,701
Kershaw 1,693
Ridgeville 1,672
Varnville 1,669
Elgin 1,634
Reidville 1,634
Gaston 1,608
St. Stephen 1,571
Jackson 1,521
Fairfax 1,505
Awendaw 1,399
Meggett 1,390
Whitmire 1,390
Johnsonville 1,378
Chesterfield 1,357
Pelzer 1,344
Holly Hill 1,298
Latta 1,296
Due West 1,219
Prosperity 1,178
Lincolnville 1,147
Yemassee 1,080
Pamplico 1,061
Edisto Beach 1,033
Iva 1,015
Branchville 998
Aynor 974
Fort Lawn 962
West Pelzer 962
Quinby 915
Arcadia Lakes 865
Lamar 862
Jonesville 852
Van Wyck 848
Chesnee 829
Summerton 814
Santee 797
Bowman 788
Jefferson 772
Lake View 764
Gray Court 763
Turbeville 760
Six Mile 759
McBee 758
Coward 748
Heath Springs 742
Norris 741
Swansea 722
Cottageville 701
North 696
Campobello 675
Harleyville 666
Scranton 648
Pelion 631
Wagener 631
Eastover 614
Clio 608
McClellanville 605
Ridge Spring 579
Gilbert 571
Elloree 570
Olanta 550
Mayesville 548
Hemingway 504
Pinewood 503
Briarcliffe Acres 479
Lane 472
Sharon 462
Ehrhardt 457
Springfield 455
Hickory Grove 449
Society Hill 438
Bonneau 431
Brunson 431
Summit 423
Hilda 418
Cross Hill 404
Greeleyville 384
Lockhart 384
Cameron 376
West Union 374
Salley 329
Donalds 328
Carlisle 321
Neeses 320
Lynchburg 318
Bethune 315
Ruby 307
Norway 289
McConnells 280
Richburg 280
Patrick 266
Ridgeway 266
Gifford 257
Rowesville 253
Snelling 250
Little Mountain 249
Eutawville 235
Nichols 234
Paxville 232
Furman 224
Olar 215
Central Pacolet 209
Monetta 205
Reevesville 201
Stuckey 200
Trenton 200
Atlantic Beach 195
Perry 194
Lowrys 184
Starr 165
Silverstreet 164
Hodges 162
Woodford 161
Scotia 158
Waterloo 149
Kline 148
Sellers 147
Sycamore 147
Rockville 141
Elko 140
Cordova 136
Mount Croghan 135
Livingston 132
Pawleys Island 130
Vance 128
Pomaria 127
Lowndesville 120
Parksville 120
Salem 120
Ward 119
Blenheim 115
Windsor 115
Luray 98
Smoaks 98
Williams 98
Troy 83
Lodge 82
Tatum 76
Plum Branch 72
Jamestown 68
Ulmer 65
Govan 56
Smyrna 55
Peak 51
Jenkinsville 40
Cope 37
