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Key Takeaways for South Carolina Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Palmetto State.

Average Home Prices in South Carolina

As of July 2025, the median sale price for a single-family home in South Carolina is $388,200.

Average home price:

  • Charleston: $585,000
  • Myrtle Beach: $276,000
  • Columbia: $227,418
  • Hilton Head Island: $675,000

Source: zillow.com/home-values

Average Home Size in South Carolina

The average size for a single-family home in South Carolina is approximately 1,784 square feet.

Average home size:

  • Charleston: 1,846 square feet
  • Myrtle Beach: 1,446 square feet
  • Columbia: 2,008 square feet
  • Hitlon Head Island: NA

Source: https://fred.stlouisfed.org/

South Carolina State Taxes

  • South Carolina has a graduated income tax system with rates ranging from 0% up to 6.2%.
  • South Carolina’s property taxes are notably low compared to most other states. On average, homeowners pay an effective property tax rate of about 0.53%, well below the national average of 0.90%.
  • The statewide sales tax rate in South Carolina is 6%, and local additions can bring the average combined rate to about 7.5%.

How Much Can You Afford in South Carolina?

Recommended
Monthly Payment:

$750.00

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$750.00
$1050
$1350

Affordable Home Prices With Your Recommended Payment

$107,844.08 house with $9,804.01 down. (10%)

$117,648.09 house with $19,608.02 down. (20%)

$127,452.10 house with $29,412.02 down. (30%)


These examples use the loan term provided and assume a fixed-rate mortgage with an interest rate of 6%.

South Carolina Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

National Community Lending Program

The National program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

Palmetto Home Advantage

A statewide program offering affordable loan options and down payment assistance for buyers in South Carolina.

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More about this program

Program Basics

  • Open to first-time, move-up, and repeat buyers
  • Conventional, FHA, VA, and USDA loan options
  • Works statewide with new, existing, and manufactured homes
  • Income limit: $135,750; minimum 640 credit score

FHA, VA & USDA

  • FHA loans up to 96.5% LTV, plus 203k Limited for repairs
  • VA and USDA loans with 100% financing

Conventional

  • Up to 97% LTV on single-unit homes
  • Reduced mortgage insurance for borrowers under 80% AMI

Down Payment Assistance

  • Forgivable assistance with 0% interest
  • 10-year term, no monthly payment

Palmetto Heroes 2025

A special program honoring South Carolina’s educators, first responders, military, and medical professionals with affordable mortgages and forgivable assistance.

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More about this program

Who Qualifies

  • Teachers, librarians, and school counselors with SC certification
  • Law enforcement, correctional officers, firefighters, EMTs, and paramedics
  • Active duty military, SC National Guard, and eligible veterans
  • Licensed medical professionals working full-time in SC

Program Basics

  • Must meet SC Housing’s first-time homebuyer requirements
  • Requires a signed sales contract before locking a rate
  • Works alongside the SC Housing Homebuyer Program

Down Payment Assistance

  • $12,000 forgivable assistance
  • 0% interest, no monthly payments
  • Forgiven after 15 years of occupancy

SC Housing Homebuyer Program

A program designed to help low-to-moderate income families and individuals with affordable fixed-rate mortgages and down payment support.

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More about this program

Program Basics

  • Competitive 30-year fixed-rate mortgage
  • Down payment assistance available for new and existing homes
  • Assistance can also be used for closing costs and prepaid items

Down Payment Assistance

  • Forgivable DPA up to $12,000 (availability may vary)
  • 0% interest, no monthly payments
  • Fully forgiven after 15 years of occupancy

Loan Options

  • FHA loans (3.5% down, 96.5% LTV)
  • Conventional loans (3% down, 97% LTV, reduced mortgage insurance)
  • USDA and VA loans (100% financing)
  • Minimum 640 credit score required

Housing Choice Voucher Homeownership Program

Helps eligible Housing Choice Voucher participants transition from renting to owning by applying housing assistance toward a mortgage.

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More about this program

Program Basics

  • Available to current participants in good standing with a Housing Choice Voucher program
  • Combines with the SC Housing Homebuyer Program for FHA fixed-rate financing
  • Includes $10,000 in forgivable down payment assistance

Requirements

  • Must meet first-time homebuyer and income limits
  • At least one borrower must work full-time (30+ hours/week for 1 year) or receive disability/senior benefits
  • Borrower must contribute at least 1% of the home’s sales price
  • Minimum 640 credit score required

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from South Carolina home buyers.

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How Much Should I Budget for Closing Costs in South Carolina?

Closing costs in South Carolina typically range from 2% to 5% of the home’s purchase price. These costs can include:

  • Loan origination and lender fees

  • Appraisal and inspection fees

  • Title search and title insurance

  • Attorney’s fees (South Carolina is an attorney-closing state)

  • Prepaid items such as property taxes and homeowner’s insurance

For example, on a $300,000 home, buyers should expect to budget between $6,000 and $15,000 for closing costs. Your lender will provide a detailed estimate early in the process so you can plan ahead.

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What Are the Most Popular Home Loan Types in South Carolina?

South Carolina homebuyers have access to a range of mortgage options that fit different financial situations and goals. Whether you’re a first-time buyer, a veteran, or purchasing in a rural community, there’s a loan type designed to make homeownership more affordable. The most common choices include:

  • Conventional Loans – Most common, flexible terms, down payments as low as 3%.

  • FHA Loans – Government-backed, low credit score and 3.5% down payment options.

  • VA Loans – No down payment or PMI for eligible veterans and active-duty military.

  • USDA Loans – No down payment loans for qualifying rural and suburban areas.

These loan types can also be paired with SC Housing programs like Palmetto Home Advantage for added down payment assistance.

Collaboration
How Can I Find a Trusted Local South Carolina Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of South Carolina. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

 
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How Do Schools Rank in South Carolina?

South Carolina’s public schools vary in performance depending on location, with some districts and schools consistently earning high marks for academics, graduation rates, and college readiness. Families often research school quality closely when deciding where to buy a home.

  • Top Districts: Fort Mill School District, Lexington-Richland School District 5, and York School District 1 are frequently ranked among the best in the state.

  • Highly Rated Schools: Academic Magnet High School in North Charleston is ranked #1 in the state and among the top high schools nationally, with strong college readiness scores. Other top performers include Wando High School and Spring Hill High School.

  • Academic Strengths: Many top districts offer Advanced Placement courses, strong arts and STEM programs, and above-average graduation rates.

For detailed school performance data, including test scores and comparisons by district, visit the South Carolina School Report Card.

Reviews from South Carolina Home Buyers

★ ★ ★ ★ ★

"John was great! He was easy to work with and flexible. Loved Churchill and would recommend."

Emily P.
Greenville, SC
★ ★ ★ ★ ★

"Throughout the entire process Kendra and her team were there for me in every way day or night. Theres no way I could've done this without her. My father is purchasing a place down here next and he's going with Kendra and her super team!"

Chaz W.
Myrtle Beach, SC
★ ★ ★ ★ ★

"Great experience! Can't say enough about how friendly and knowledgeable everyone is. Amy was so patient answering all of my questions and making the whole process run smoothly."

Jamie V
Summerville, SC

4.9 / 5

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Top Rated Mortgage Lender

Served over 100,000+ happy homeowners!

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South Carolina Branch Locations

Myrtle Beach, SC

704-290-3538

Visit the Branch Website

3350 Phillis Blvd, Suite 101 Myrtle Beach, South Carolina 29577

Churchill Loan Officers in South Carolina

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.