South Carolina Mortgage Options: A Practical 2026 Buyer Guide — Palmetto Passage
Updated October 2026
A South Carolina mortgage comparison starts with the loan amount, but the useful number is the complete monthly payment. At Palmetto Passage, palmettopassage.com, compare financing alongside county property taxes, insurance, assistance eligibility and the cash required at an attorney-supervised closing.
Compare the main financing paths
The 2026 baseline conforming limit is $832,750 for a one-unit home throughout South Carolina. A national high-cost ceiling exists, but no higher conforming county ceiling applies within the state. FHA limits follow a separate county schedule.
| Mortgage path | 2026 limit or framework | Main comparison point |
|---|---|---|
| Conventional | $832,750 statewide one-unit baseline; no SC high-cost increase | Down payment, credit pricing and mortgage insurance |
| FHA | $541,287 one-unit floor; Charleston-North Charleston metro limits are higher | County limit plus upfront and annual mortgage insurance |
| VA | No county loan limit with full entitlement | Eligibility, entitlement, funding fee and lender approval |
| South Carolina state HFA assistance | SC Housing programs paired with eligible first mortgages | Income, purchase-price, reservation and assistance conditions |
| Jumbo | Generally above the applicable conforming limit | Reserves, documentation and lender-specific pricing |
Confirm the property county through HUD FHA Mortgage Limits and the conventional framework through FHFA Loan Limits. Multifamily properties have different limits.
Match assistance to your purchase
SC Housing Homebuyer and Palmetto Home Advantage can offer assistance structured as forgivable, zero-interest financing. Depending on the available offering, assistance may equal 4% or 5% of the loan amount or use a fixed-dollar amount. These are not interchangeable benefits available to every borrower.
Palmetto Heroes targets qualifying occupations and service groups, including teachers, first responders, nurses and veterans. Check current funding and participating lenders with SC Housing, then compare the assistance-backed payment against financing without assistance. Start with our state assistance guide.
Build the South Carolina ownership budget
An approved owner-occupied legal residence uses the 4% assessment ratio and receives a full exemption from school operating taxes. Non-primary property generally uses 6%; the resulting bill can be roughly 2.5 to 3.5 times higher, depending on local levies.
South Carolina closings require attorney supervision. The deed recording fee is $3.70 per $1,000 of applicable consideration, typically paid by the seller. Coastal buyers should also price wind, hail and flood coverage before choosing a payment target.
Use the monthly payment calculator and closing cost estimator together so a low advertised rate does not hide an expensive ownership budget.
Get Your Custom Mortgage Rate Quote
Answer a few quick questions below to compare personalized loan options and live rate offers from participating lenders.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
South Carolina Mortgage Options: A Practical 2026 Buyer Guide — Choose a mortgage by comparing eligibility, upfront cash and total monthly costs, not the advertised rate alone. Conventional, FHA, VA and USDA serve different borrowers. Confirm county limits, taxes, insurance and lender requirements before comparing personalized Loan Estimates for your household.
Historical 2025 one-unit comparison: conforming $832,750; FHA floor $541,287. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
- SC Housing — state housing finance and property tax authority.
- South Carolina Department of Revenue — state housing finance and property tax authority.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.