Written By
Allie Johnson
If you want to buy a home in South Carolina, from the stately streets of Charleston to the sunny shores of Myrtle Beach, you may find that some parts of the Palmetto State are bucking national home sales trends.
Home prices across the country will continue to rise steadily along with increasing mortgage rates. This double whammy may make it tougher for some buyers to afford a home, leading to less competition and an average 2% drop in home sales nationally, according to Realtor.com’s 2019 national housing forecast.
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But in South Carolina, home sales this year are actually expected to go up by 1.5% in Charleston, a city that dominates the South Carolina housing market, while home prices are predicted to rise at half the expected national average (1.1% in Charleston versus 2.2% nationally).
In the Greenville-Anderson-Mauldin area in the northern part of the state, sales are forecast to rise by 0.6%, even though home prices are expected to increase by 4.6%. And in the Augusta-Richmond County area, in central South Carolina on the border with Georgia, prices are expected to drop by 1.1% while sales could shoot up by 8.8%, the opposite of the national trend.
A Federal Housing Administration (FHA) loan offers one way to offset rising home prices and make homebuying more affordable, if you qualify. The 2019 FHA loan limits for a single-family home in South Carolina range from $314,827 to $388,700.
The FHA sets loan limits each year based on the nationwide conforming loan limit for mortgages to be acquired by Fannie Mae and Freddie Mac, which is adjusted annually by the Federal Housing Finance Agency (FHFA) based on the average U.S. home price. The baseline national conforming loan limit in 2019 for a single-family home is $484,350.
In 2016, the most recent year for which this data is available, 20,122 FHA loans were made in South Carolina for a total of $3.1 billion. In fiscal 2018, 1.82% of FHA loans were issued in South Carolina.
South Carolina FHA Loan Limits by County
| County Name | One-Family | Two-Family | Three-Family | Four-Family | Median Sale Price |
|---|---|---|---|---|---|
| ABBEVILLE | $314,827 | $403,125 | $487,250 | $605,525 | $106,000 |
| AIKEN | $314,827 | $403,125 | $487,250 | $605,525 | $192,000 |
| ALLENDALE | $314,827 | $403,125 | $487,250 | $605,525 | $19,000 |
| ANDERSON | $314,827 | $403,125 | $487,250 | $605,525 | $200,000 |
| BAMBERG | $314,827 | $403,125 | $487,250 | $605,525 | $37,000 |
| BARNWELL | $314,827 | $403,125 | $487,250 | $605,525 | $30,000 |
| BEAUFORT | $350,750 | $449,000 | $542,750 | $674,500 | $287,000 |
| BERKELEY | $388,700 | $497,600 | $601,500 | $747,500 | $338,000 |
| CALHOUN | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| CHARLESTON | $388,700 | $497,600 | $601,500 | $747,500 | $338,000 |
| CHEROKEE | $314,827 | $403,125 | $487,250 | $605,525 | $70,000 |
| CHESTER | $317,400 | $406,300 | $491,150 | $610,400 | $276,000 |
| CHESTERFIELD | $314,827 | $403,125 | $487,250 | $605,525 | $68,000 |
| CLARENDON | $314,827 | $403,125 | $487,250 | $605,525 | $70,000 |
| COLLETON | $314,827 | $403,125 | $487,250 | $605,525 | $115,000 |
| DARLINGTON | $314,827 | $403,125 | $487,250 | $605,525 | $130,000 |
| DILLON | $314,827 | $403,125 | $487,250 | $605,525 | $24,000 |
| DORCHESTER | $388,700 | $497,600 | $601,500 | $747,500 | $338,000 |
| EDGEFIELD | $314,827 | $403,125 | $487,250 | $605,525 | $192,000 |
| FAIRFIELD | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| FLORENCE | $314,827 | $403,125 | $487,250 | $605,525 | $130,000 |
| GEORGETOWN | $327,750 | $419,550 | $507,150 | $630,300 | $230,000 |
| GREENVILLE | $314,827 | $403,125 | $487,250 | $605,525 | $200,000 |
| GREENWOOD | $314,827 | $403,125 | $487,250 | $605,525 | $106,000 |
| HAMPTON | $314,827 | $403,125 | $487,250 | $605,525 | $42,000 |
| HORRY | $314,827 | $403,125 | $487,250 | $605,525 | $206,000 |
| JASPER | $350,750 | $449,000 | $542,750 | $674,500 | $287,000 |
| KERSHAW | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| LANCASTER | $317,400 | $406,300 | $491,150 | $610,400 | $276,000 |
| LAURENS | $314,827 | $403,125 | $487,250 | $605,525 | $200,000 |
| LEE | $314,827 | $403,125 | $487,250 | $605,525 | $29,000 |
| LEXINGTON | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| MARION | $314,827 | $403,125 | $487,250 | $605,525 | $80,000 |
| MARLBORO | $314,827 | $403,125 | $487,250 | $605,525 | $69,000 |
| MCCORMICK | $314,827 | $403,125 | $487,250 | $605,525 | $131,000 |
| NEWBERRY | $314,827 | $403,125 | $487,250 | $605,525 | $109,000 |
| OCONEE | $314,827 | $403,125 | $487,250 | $605,525 | $150,000 |
| ORANGEBURG | $314,827 | $403,125 | $487,250 | $605,525 | $71,000 |
| PICKENS | $314,827 | $403,125 | $487,250 | $605,525 | $200,000 |
| RICHLAND | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| SALUDA | $314,827 | $403,125 | $487,250 | $605,525 | $160,000 |
| SPARTANBURG | $314,827 | $403,125 | $487,250 | $605,525 | $150,000 |
| SUMTER | $314,827 | $403,125 | $487,250 | $605,525 | $125,000 |
| UNION | $314,827 | $403,125 | $487,250 | $605,525 | $150,000 |
| WILLIAMSBURG | $314,827 | $403,125 | $487,250 | $605,525 | $30,000 |
| YORK | $317,400 | $406,300 | $491,150 | $610,400 | $276,000 |
How are FHA loan limits determined?
The Federal Housing Administration sets FHA mortgage loan limits annually based on conforming loan limits for Fannie Mae and Freddie Mac mortgages. Loan limits vary based on the cost of homes in the area and the number of units in the home.
The 2019 FHA loan limit “floor” is $314,827 for one-family homes in low-cost areas. The FHA sets this lower limit in low-cost areas as well as a “ceiling,” which is the loan limit in high-cost areas. The 2019 FHA loan limit is $726,525 for one-family homes in high-cost areas.
The 2019 FHA loan limits for properties with more than one unit in low-cost areas:
- $403,125 (two units)
- $487,250 (three units)
- $605,525 (four units)
The 2019 FHA loan limits for properties with more than one unit in high-cost areas:
- $930,300 (two units)
- $1,124,475 (three units)
- $1,397,400 (four units)
Do you qualify for an FHA loan in South Carolina?
An FHA loan can offer a way to buy a home when you haven’t been able to save a large amount of money for a down payment. In order to qualify for an FHA loan with a low 3.5% down payment, you must have a credit score of at least 580. However, homebuyers with scores between 500 and 579 may still qualify if they can put down 10%. To learn more and see if an FHA loan might be right for you, check out our guide to FHA loans, which offers detailed information on the credit score, income and other requirements.
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