Buying a House in South Carolina 🏠 | How to Buy a House in South Carolina

Now's the time for buying a house in South Carolina! According to Redfin, 73,938 homes for sale in South Carolina were sold in 2024. That's over 200 homes every day and roughly eight homes every hour. These statistics may make you think that the process of how to buy a house in South Carolina is very easy. It can be.

The key to an easy process for buying a house in South Carolina is to study before you call a Realtor. You should know the essentials of how the home buying process in South Carolina works and follow some basic steps. Here's what to know about buying a house in South Carolina today.

Determine Whether You Can Buy a House

You may not be ready to start buying a house in South Carolina yet. Talk to a financial advisor and take a look at your financial situation. You can ask your financial advisor for advice on how to buy a house in South Carolina as well. To buy a house in South Carolina, you need:

• A steady income for the next few years
• Savings for at least a portion of your down payment and closing costs
• Savings for an emergency fund and maintenance for your home
• Low or no current outstanding debts
• A good credit score and a good credit history

A mortgage loan can cover some of these expenses for buying a house in South Carolina. But you won't receive a mortgage unless a lender knows you can cover the loan over a long period of time. If you don't have a steady income or employment right now, you must wait until you get a steady job before you approach mortgage lenders in South Carolina.

Determine Your Housing Budget

If you decide that you can afford buying a house in South Carolina, you then need to decide how much you can afford. The 28/36 rule is a rule of thumb you can use to determine your housing budget for buying a house in South Carolina. It states that you should spend no more than 28% of your take-home pay on housing expenses. It also states that your total monthly debts should not be more than 36% of your take-home pay.

Calculate how much 28% of your monthly income would be. You can round up or down to the nearest $1,000 to make things easier. Use that figure as a baseline for your housing budget. Remember that housing expenses include maintenance, emergency costs, and homeowners' insurance, so factor those into your estimate.

Study the South Carolina Housing Market

You should start looking at the South Carolina housing market as soon as possible. According to Redfin, the median sale price of homes for sale in South Carolina is $392,000. The price of buying a house in South Carolina can change from month to month, so it's important to keep looking at the median listing price over time. The housing market can slow down significantly during the winter. In January 2024, homes for sale in South Carolina spent a median of 74 days on the market before being sold. In June 2024, they spent just 59 days on the market.

According to US Bank, the 30-year fixed mortgage rate in South Carolina in June 2025 was 6.625%. The annual percentage rate was 6.728%. South Carolina mortgage rates can go up and down quickly, so you should monitor South Carolina mortgage rates and approach a lender to freeze your rate before you buya house in South Carolina.

Save for Your Down Payment

As you're looking for loans, you may discover mortgage lenders in South Carolina who say that they will give you a loan for a down payment of 3%. However, these lenders may require you to buy private mortgage insurance (PMI). PMI adds an extra fee to your monthly mortgage payments, meaning you will pay thousands of dollars more throughout your mortgage.

You can avoid paying PMI if you pay a higher down payment, usually around 25% of the purchase price. 25% of $392,000 is $98,000. Save money by cutting down on your monthly expenses, paying off loans, and working a second job. You can also apply for down payment assistance programs, especially ones for first time buyers in South Carolina.

Examine First Time Home Buyer South Carolina Programs

First time home buyer South Carolina programs can help first time buyers cover their down payment and receive an affordable mortgage. Here are just a few first time home buyer grants South Carolina you can qualify for.

SC Housing Homebuyer Program

The SC Housing Homebuyer Program offers mortgages with low, fixed interest rates and down payment assistance for buying a house in South Carolina. To qualify, you must meet SC Housing income and home price limits, which vary depending on the county you are living in. In general, you need to make less than $90,000 a year and spend less than $450,000 on a home. You can buy a home in Greenville and cities near Greenville, including Tigerville. 

You must have a credit score of at least 640 and cover a down payment of 3.5% of your home price. If you live in your home for 15 years, you don't need to pay back your down payment assistance. You can apply for a loan by finding a qualifying mortgage lender for buying a house in South Carolina.

Palmetto Heroes Program

The Palmetto Heroes Program offers affordable loans to educators, law enforcement personnel, paramedics, firefighters, military service members, and licensed medical professionals. Qualifying South Carolina residents can receive up to $10,000 in down payment assistance and a low, fixed-rate mortgage for buying a house in South Carolina. Funding for the program is limited, so you should apply as soon as possible.

Palmetto Home Advantage

Palmetto Home Advantage offers conventional loans, FHA loans, VA loans, and USDA loans for first-time home buyers in all 46 South Carolina counties. You must have a minimum credit score of 640 and an income of less than $127,200. You can receive a loan and down payment assistance with a 0% interest rate. You can find SC Housing-approved lenders to apply for Palmetto Home Advantage loans, as well as SC Housing Homebuyer Program loans.

Examine Mortgages

You can still get a South Carolina mortgage even if you're not a first time homebuyer. Banks and private mortgage lenders in South Carolina, like Prime Lending and Guild Mortgage, offer conventional loans. Terms for conventional loans for buying a house in South Carolina vary, so you should spend time comparing your options and finding the right one for you.

If you have a low credit score or high outstanding debts, you can apply for Federal Housing Administration loans (FHA loans) for buying a house in South Carolina. FHA loans are available to people with credit scores as low as 500, though you need to make higher down payments. FHA loans have maximum limits, so you must use them to buy a low-cost house in South Carolina.

Veterans and active-duty military personnel can apply for VA home loans for buying a house in South Carolina. VA home loans come with no down payment requirements, no need for PMI, and low interest rates. You can take out VA loans to buy second or third homes.

Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage for buying a house in South Carolina is not a mandatory step. But it significantly increases your chance of getting a mortgage and closing on your dream home. It can also help you determine how much your mortgage will be and how much you can afford for buying a house in South Carolina.

Some people confuse getting pre-approved with getting pre-qualified. When a lender pre-approves you, they conduct a thorough audit of your finances and determine whether or not they will offer you a loan. Pre-qualification is not as thorough, and your lender may not determine whether they will give you a loan. You should always apply for pre-approval, not pre-qualification.

Gather financial paperwork, specifically documents that show your credit score, credit history, and current income. Submit your documents to several different mortgage lenders in South Carolina and allow them to do a hard credit check. A hard credit check means a lender will look at each item in your credit report to see if you make loan payments on time consistently for buying a house in South Carolina.

You're not done with your mortgage once you get pre-approved. If you get pre-approved by multiple mortgage lenders, you should compare them and see what their interest rates and other fees are like. Once you select your mortgage loan, you should remain in touch with your lender. They can answer any questions you have about how to buy a house in South Carolina.

Hire a South Carolina Real Estate Agent

Before you start house hunting, you need to find a South Carolina real estate agent. An agent can connect you with home sellers and arrange open houses and house tours for you. They can also handle paperwork and negotiate with your mortgage lender and home seller on terms for buying a house in South Carolina.

Find an agent who lives in or near the city you're moving to. If you're moving to a major city like Greenville or Myrtle Beach, find someone who specializes in the neighborhood or area you're moving to. There are many Greenville Realtors, so spend time comparing options. Talk to each agent about how to buy a house in South Carolina and compare their recommendations. 

You should also find an agent who specializes in the home you're buying and the type of home buyer you are. Some South Carolina real estate agents specialize in working with first-time homebuyers, while others specialize in helping military families or luxury homebuyers. Your agent should be familiar with how to buy a house in South Carolina and can personalize the process of buying a house in South Carolina to meet your specific needs.

Hire a South Carolina Real Estate Attorney

The South Carolina Supreme Court ruled in State v. Buyers Service Co. (1987) that a licensed attorney must supervise all real estate closings in the state. You should hire a South Carolina real estate or housing attorney as soon as possible. Ask your real estate agent for any suggestions. If they don't have one, you can use the South Carolina Judicial Branch search tool to look for housing lawyers.

Your lawyer can supervise your entire housing process and give you advice on how to buy a house in South Carolina. They can help you with applying for title insurance, drafting your purchase contract, and disbursing money for property taxes and other expenses for buying a house in South Carolina.

Think About What You Need in Your Home

You may have a general idea of what you're looking for in your South Carolina home. Before you start visiting open houses, you should come up with a list of essential features and amenities in your home. The list should include features you will need in the future, not just things you need now. If you plan on having children, you will need additional bedrooms, closets, and space for them, so you will need to buy a bigger home than you currently need.

You should also think about your neighborhood and nearby services so you can pick the best place to buy a house in South Carolina. If healthcare access is important to you, you should look for homes near hospitals and doctors' offices. If you're raising children, you want a home near a school, a nursery, and a pediatrician's office.

Visit Open Houses

Once you've decided what you need in your home, you can start visiting open houses with the amenities you want. Try to visit homes at times when fewer people will be around, like early mornings or late evenings. You should also visit homes with your real estate agent, as they can give their expert opinion on the homes.

Pay close attention to the foundation and the roof. Issues with the foundation or roof suggest major structural problems, and you should stop buying a house in South Carolina accordingly. You should also look out for mold, especially in the basement and bathrooms.

Offer a Tailored Bid

You should make an offer as soon as possible, especially if you're in a competitive market. But you should consider the seller's circumstances and tailor your bid accordingly. If you're competing with many buyers, you need to raise your price to buy a home in South Carolina.

Earnest money is money you place in an escrow account to show you're a serious buyer about buying a home in South Carolina. The more earnest money you put into escrow, the more likely your seller will close on your home. You should consider offering a high amount of money if you're competing with others while buying a house in South Carolina.

But you can lower your price if the seller is flipping a home or if the home has been on the market for a while. Take a look at the home's sale records and examine similar homes in the area.

Get a Home Inspection

You should not close on buying a house in South Carolina until you get a home inspection. Your home inspection should be thorough and cover every part of your home, including the electrical and water systems. Your inspection can include an energy audit that helps you determine if you need to change windows or repair the HVAC system.

According to the South Carolina Department of Natural Resources, South Carolina has experienced over 250 severe hurricanes and tropical storms since 1851. The state usually experiences two or three severe storms a year that cause substantial flooding. Your inspection should include a natural disaster audit so you know what your risk for extreme weather is. 

South Carolina also has a variety of pests, including cockroaches, termites, and mosquitoes. You should get a pest inspection, especially if you're living near a body of water or plan on gardening outside your home.

Close On Buying a House in South Carolina

Officially closing on your deal requires a few steps. Your lender needs to approve your mortgage, so contact them and send them the paperwork for the home you're about to buy. You need to transfer money to your seller, so contact your bank to transfer your money.

Remember that your attorney must supervise the process of closing your home. They will take care of your title and closing contract, but you should remain in touch with them and sign the documents as soon as possible. You may want to go on a final walkthrough of your home to ensure everything is okay before signing.

Start Buying a House in South Carolina Today

Buying a house in South Carolina can be tricky to figure out. Start by looking over your finances. Determine if you can buy a house and what your budget is. Save money to cover at least 25% of your down payment, and look at first time homebuyer programs and mortgages. Hire a real estate attorney and a real estate agent, and start looking at homes with essential amenities. Once you find a home, get a home inspection and have your lawyer finish the closing process.

Now that you know how to buy a house in South Carolina, you can start moving to South Carolina. Swamp Rabbit Moving has a 98% customer referral rate with over nine years of experience. Call (864) 643-2213 for a free estimate from professional Greenville movers today.