{"id":456,"date":"2013-10-02T00:00:00","date_gmt":"2013-10-02T19:47:04","guid":{"rendered":"http:\/\/nexus_themes\/plumber\/2013\/10\/02\/electricity\/"},"modified":"2018-03-30T11:18:31","modified_gmt":"2018-03-30T15:18:31","slug":"fha-loans-south-carolina","status":"publish","type":"page","link":"https:\/\/palmettofirstmortgage.com\/fha-loans-south-carolina\/","title":{"rendered":"FHA Loans"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf\">\n.flex_column.av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf av_one_full  avia-builder-el-0  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_image-5b25a3be2d931d6b9ac6a2c3df63f1b4\">\n.avia-image-container.av-av_image-5b25a3be2d931d6b9ac6a2c3df63f1b4 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-av_image-5b25a3be2d931d6b9ac6a2c3df63f1b4 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-av_image-5b25a3be2d931d6b9ac6a2c3df63f1b4 av-styling- avia-align-center  avia-builder-el-1  el_before_av_hr  avia-builder-el-first '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1480 avia-img-lazy-loading-not-1480 avia_image ' src=\"https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach.jpg\" alt='FHA Loans Myrtle Beach' title='top-fha-loans-myrlte-beach'  height=\"460\" width=\"1000\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach.jpg 1000w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach-300x138.jpg 300w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach-768x353.jpg 768w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach-705x324.jpg 705w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-fha-loans-myrlte-beach-450x207.jpg 450w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-616cd310f4c6bf63bbd1f033802c1165\">\n#top .hr.hr-invisible.av-av_hr-616cd310f4c6bf63bbd1f033802c1165{\nheight:20px;\n}\n<\/style>\n<div  class='hr av-av_hr-616cd310f4c6bf63bbd1f033802c1165 hr-invisible  avia-builder-el-2  el_after_av_image  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-2de302bf1aa3cf4c9157dbe6f50ac7eb '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>What is an FHA Loan?<\/h2>\n<p>An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.<\/p>\n<h4>What Are the Advantages of FHA Loans?<\/h4>\n<p>Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can\u2019t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario. Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can \u201cassume\u201d the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.<\/p>\n<h4>FHA Loan Requirements<\/h4>\n<ul>\n<li>Must have a steady employment history or worked for the same employer for the past two years<\/li>\n<li>Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state<\/li>\n<li>Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.<\/li>\n<li>New FHA loans are only available for primary residence occupancy<\/li>\n<li>Must have a property appraisal from a FHA-approved appraiser<\/li>\n<li>Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, home insurance) needs to be less than 31 percent of your gross income, typically. You may be able to get approved with as high a percentage as 46.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.<\/li>\n<li>Your back-end ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of your gross income, typically. You may be able to get approved with as high a percentage as 56.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.<\/li>\n<li>Minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.<\/li>\n<li>Minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants&#8217; credit worthiness.<\/li>\n<li>Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you&#8217;ve managed your money in a responsible manner. See this page for more details.<\/li>\n<li>Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you&#8217;ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.<\/li>\n<\/ul>\n<h4>Property needs to meet certain standards<\/h4>\n<p>Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).<\/p>\n<p>Keep current on the premium costs for FHA loans by visiting the <a href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/buying\/loans\" target=\"_blank\" rel=\"noopener\">U.S. Department of Housing and Urban Development (HUD)<\/a>.<\/p>\n<h4>FHA Loan Limits<\/h4>\n<p>There are maximum mortgage limits for FHA loans that vary by state and county. In certain counties, you may be able to get financing for a loan size up to $729,750 with a 3.5 percent down payment. Conventional financing for loans that can be bought by Fannie Mae or Freddie Mac are currently at $625,000.<\/p>\n<p>To find out the FHA mortgage limits in your area, click <a href=\"https:\/\/entp.hud.gov\/idapp\/html\/hicostlook.cfm\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<\/div><\/section><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Carolina FHA Loans<\/title>\n<meta name=\"description\" content=\"We specialize in South Carolina FHA Loans! FHA Loans are perfect for those with low or bad credit. 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