FHA mortgage South Carolina is your best bet as a first-time homebuyer in this state because it has one of the lowest down payments in the nation, at 3.5% of the borrowed amount. It is also accessible to persons who have suffered the blunt of foreclosure or bankruptcy in the past. These easy attributes owe to the fact that the Federal Housing Administration and the Housing Department (HUD) guarantee part of the borrowings so that the lender slashes the interest rates and other upfront fees like the Upfront Mortgage Insurance Premium, currently at a low value of 1%.
One of the leading propositions of FHA mortgage SC, however, is the fact that it offers a flexible amortization period. We at FHA Home Loan Group recommend these two terms:
The 30-year Permanent-Rate Plan
This plan is available for thirty years at a consistent low interest rate that does not change irrespective of reigning market forces. It comes with these tangible benefits:
- You will only pay equal installments per month for the term of this FHA mortgage South Carolina plan.
- You can also transfer the burden of payment in the course of payment to a new buyer of the property.
Regarding the latter point, it is true that this program affords borrowers a chance to sell their existing homes to a third-party buyer whereby the latter assumes the housing costs.
The 15-Year Adjustable Rate Mortgage (ARM)
You can also decide to go for the ARM plan that lasts for 15 years. Homebuyers who go for this amortization term on FHA mortgage SC avail these benefits:
- Ability to lower the interest rate down the amortization term to the lowest margins in the market.
- A chance to extend the term of the plan to that of 30 years at a permanent rate.
Which of the two strikes your fancy? Give us a call and we will be able to give you guidance on the best to select depending on your future financial circumstances!
Who is Eligible for the Program?
- You can apply for FHA mortgage South Carolina if you meet these few requirements:
- You do not have any other credit obligation, including credit card payment or another loan.
- You have had a steady job for the past 24 months with equally consistent salary.
- You intend to migrate to the new property and use it as the primary residence.
Additionally, do you have a credit score of at least 320? Do not mind for we can find you a lender offering FHA mortgage SC at a score of just 580.
FHA Home Loan Group welcomes your application through these few guidelines:
- Submit your request and pass our simple eligibility test.
- Place a competitive lender.
- Get approval from the Federal Housing Administration.
- Settle any closing fees, 6% of which can come from the retailer.
After selecting a suitable term for FHA mortgage South Carolina, you may also select a county whose lending limit is within your budget. Low-cost areas, including Abbeville and Aiken come at the national average of $271050 for the single-family unit while high-cost places including Beaufort attract $387500 for the single-family property.
Get started today. Contact us right away! 888 202-4479