South Carolina Home Loans & Mortgage Rates

South Carolina has become one of the hottest relocation destinations in the country, and the housing market reflects that demand. Charleston consistently ranks among the top places to live in the U.S., Greenville’s revitalized downtown has drawn national attention, and the Myrtle Beach corridor continues to attract retirees and remote workers.

The statewide median home price is approximately $360,000, up about 3.5% year-over-year. Charleston metro (Berkeley, Charleston, and Dorchester counties) is the most expensive market at around $425,000 median, followed by Greenville at approximately $315,000 and Columbia at roughly $260,000. Myrtle Beach/Horry County sits around $320,000. The market has slowed from the 2021-2022 frenzy, with days on market stretching to 52 and inventory climbing to 3.5 months, giving buyers more negotiating room.

The Charleston metro has the highest FHA loan limits in the state at $690,000 for Berkeley, Charleston, and Dorchester counties. Most other counties sit at or near the $541,287 baseline. The conforming limit is $832,750 statewide.

SC Housing runs excellent DPA programs through the Palmetto Home Advantage program: up to 5% of the loan amount as a forgivable second mortgage (forgiven over 10 years), available statewide to both first-time and repeat buyers. The Palmetto Heroes program offers $10,000 in forgivable assistance for teachers, military, law enforcement, and healthcare workers. And the SC Mortgage Tax Credit provides up to $2,000 per year in federal tax credits for the life of your loan.

South Carolina is an attorney-required state for closings, and charges deed recording stamps (transfer tax) of $3.70 per $1,000 of sale price (typically paid by the seller). Property taxes are very low, with the statewide average effective rate around 0.51-0.57%.

2026 Loan Limit Takeaways

The Charleston metro (Berkeley, Charleston, Dorchester counties) has the highest FHA limit in the state at $690,000, reflecting Charleston’s premium housing market. All other 43 counties sit at the $541,287 FHA baseline. The conforming limit is $832,750 statewide. Even in the Charleston area, FHA financing covers the vast majority of available homes. In Greenville, Columbia, and Myrtle Beach, baseline FHA limits are more than sufficient for most purchases.

Down Payment Assistance Notes

Palmetto Home Advantage is the standout: available to repeat buyers statewide, no sales price limit, income limit of $137,500 (individual, not household), and up to 5% forgivable. The Palmetto Heroes $10,000 program is excellent but has limited annual funding and can close early due to demand. The MCC tax credit ($2,000/year for the life of the loan) is one of the most underutilized benefits in the state and can save homeowners tens of thousands over the loan term. CommunityWorks in the Greenville/Spartanburg area also offers local DPA.

Closing Costs in South Carolina

South Carolina is an attorney-required state with deed recording stamps serving as the transfer tax.

Attorney-Required State: South Carolina law requires a licensed attorney to handle all residential real estate closings. Attorney fees typically range $500-$1,200. This adds cost but provides legal protection for both buyer and seller.

Deed Recording Stamps (Transfer Tax): South Carolina charges “deed stamps” of $3.70 per $1,000 of the sale price (0.37%). This breaks down as $2.60/$1,000 for state stamps and $1.10/$1,000 for county stamps. On a $360,000 sale, that is approximately $1,332. Typically paid by the seller per standard contract, though this is negotiable.

No Mortgage Recording Tax: South Carolina does not charge a separate mortgage recording tax, which helps keep buyer closing costs reasonable.

Title Insurance: Owner’s title insurance premium is approximately $2.75 per $1,000 up to $100,000 and $1.75 per $1,000 over $100,000. On a $360,000 home, owner’s policy is approximately $730. Seller typically pays owner’s policy. Buyer pays lender’s policy (approximately $75).

Estimated Total Buyer Closing Costs: On a $360,000 purchase with a $347,000 mortgage, expect approximately $6,500-$12,600 in total buyer closing costs (1.8-3.5%). This includes attorney fees, lender fees, lender’s title insurance, appraisal, prepaid taxes and insurance, and recording fees. The seller typically pays deed stamps and owner’s title insurance.

Property Taxes in South Carolina

South Carolina has some of the lowest property taxes in the country thanks to favorable assessment ratios and a generous homestead exemption.

Statewide Average: The average effective property tax rate is approximately 0.51-0.57%, well below the national average. South Carolina assesses owner-occupied residential property at just 4% of market value (compared to 6% for other residential property), which significantly reduces tax bills.

Primary Residence Benefit: When you claim a property as your legal residence in South Carolina, it is assessed at 4% of market value instead of 6%. This is an automatic and significant savings. The homestead exemption for those 65+ or permanently disabled exempts the first $50,000 of market value from all property taxes.

Rates by County: Charleston County has a remarkably low effective rate of about 0.32%. Greenville County is around 0.47%. Richland County (Columbia) is one of the highest at approximately 0.59%. Lexington County is about 0.43%. Horry County (Myrtle Beach) is about 0.35%. York County is approximately 0.46%. Berkeley County is about 0.42%.

Flood Insurance Consideration: In Charleston, Beaufort, and coastal Horry County, flood insurance can cost more than property taxes. Many homes in these areas are in flood zones, and annual flood premiums of $2,000-$5,000+ are common. Factor this into your total housing cost.

On a $360,000 home in the Charleston area, expect roughly $1,150-$1,500 per year in property taxes. In the Greenville area, expect approximately $1,700. In Columbia/Richland County, expect about $2,100.

USDA Loan Eligibility in South Carolina

South Carolina has extensive USDA eligibility, particularly in the rural Midlands, Pee Dee, and Upstate regions.

Eligible areas include most of the Pee Dee region (Florence, Marion, Dillon, Marlboro counties), much of the Midlands outside Columbia proper (Orangeburg, Clarendon, Sumter portions, Kershaw), the Lowcountry outside Charleston metro (Colleton, Hampton, Jasper portions), and Upstate areas outside Greenville and Spartanburg cores (Oconee, Pickens portions, Anderson portions, Cherokee, Union, Laurens).

Even within commuting distance of major metros, outer communities have USDA-eligible pockets. Areas around Summerville (Dorchester County outskirts), North Charleston fringes, and rural Berkeley County may qualify. The corridor between Columbia and Greenville along I-26 has eligible communities. Aiken County portions outside the city center qualify. The Lake Murray area in Lexington County has some eligible sections. Check specific addresses at the USDA eligibility map.