South Carolina FHA Loans

Perhaps you are trying to purchase your first home in the state of South Carolina. Or it can be that you are trying to relocate to South Carolina from another state. Or maybe you are a long time resident of South Carolina who might be on the lookout for either a perfect opportunity to refinance your Mortgage Loan or access some equity for a much needed home improvement. Regardless of what your current property and loan needs might be, you owe it to yourself to contact 1st Continental Mortgage about our many South Caroline mortgage loan programs before you try to purchase or refinance a home.

You Could qualify for A South Carolina FHA Loan

If you are sure about buying or refinancing a house in the state of South Carolina, you should know that you could qualify for a Federal Housing Administration guaranteed mortgage loan. If you are a first time home buyer, the South Carolina FHA loan is one of the most secure mortgage programs to start home ownership with. Traditionally, it has interest rates at or below the usual market rates. Likewise, depending on your eligibility, you may be qualified for a down payment assistance grant that can meet down payment as well as the closing costs requirements.

The Federal Housing Administration's maximum mortgage loan amounts usually vary by city and county, and it all depends upon what part of the state where you are situated. To be eligible for an FHA loan, it is imperative that the amount of your proposed FHA mortgage loan does not go over the maximum amount of loan allowed in South Carolina as set by the Federal Housing Administration. You can check local loan limits here: South Carolina Loan Limits

Advantages of South Carolina FHA loans

Getting your new house with the use of a South Carolina FHA loan has all the advantages and almost no disadvantages. With the insurance on the loan provided by the Federal Housing Administration, mortgage lenders can provide better and easier qualifying terms. More relaxed qualifying means lenders are more focused on ensuring you can make the payment and don't focus on your credit score.

The South Carolina FHA mortgage loan program was created to help its residents purchase their homes, especially those who are first time Home buyers. However, you do not need to be a first time home buyer to qualify. Just as important, past credit issues alone do not necessarily destroy your chances of qualifying or being approved for an FHA loan in South Carolina.

Here are some benefits of the South Carolina FHA loan:

• There are no required income brackets or limits on FHA mortgage loans.
• South Carolina FHA loans offer more relaxed credit as well as asset requirements.
• You can get any Qualified co-borrower and they do not have to live in your home with you.
• If rates should fall and you want to refinance, you will not have to Qualify for a new loan
• Basic Federal Housing Administration loans permit you to buy a home with as little as around 3% down payment. .

Past Credit Issues Alone will not prevent you from acquiring a South Carolina FHA Loan

The FHA's primary goal is to assist people to purchase their own homes. Therefore, even with past credit issues, credit history alone will not prevent you from qualifying for any of the FHA's mortgage loan programs. Yes, you still must have credit quality. Also, there are some factors that the Federal Housing Administration will take into consideration if you have issues in the past which resulted in a bad credit score, such as loss of employment, transfer of job, and any serious illness.

Do you have bad credit because of Bankruptcy?

You could still qualify for a FHA home loan even if you were in a bankruptcy status in the past. However, it is a must that you meet the minimum requirement, and that is, the bankruptcy should be over two years old. Even a past foreclosure alone will not disqualify your application for an FHA loan, so long as the foreclosure has happened three years ago, was not on a government insured loan, and you meet the underwriting requirements.

many South Carolina FHA mortgage loan options

The Federal Housing Administration has many home loan options so at least one of them will surely suit your loan needs. If you are in need of a 30-year fixed-rate home loan or perhaps an Adjustable Rate Mortgage, the FHA can definitely help. Don't be frustrated by what you think is a bad reputation or your past credit. Contact your South Carolina loan officer and see if an FHA Home Loan is the right answer to meet your financing needs.