new FHA Loan Limits in Charleston, SC

FHA loan limits have been changed for the Charleston, SC area. The new maximum loan is now $309,000 and the new down payment requirement is 3.5% instead of 3%. The buyer can still ask the seller to pay for closing costs, pre-paid items, etc. but must have 3.5% to put down on the house.

FHA loans are a great option for people with credit scrores under 700 and those who do not have the traditional 5-20% to put down on a home. They are much more flexible on these items and you still get a very good interest rate, currently around 5-5.5% (as of 1/8/09). Also, in the past, inspections were a little difficult as the FHA loan had more requirements. Those have been greatly relaxed and even though you still have to use an FHA approved inspector, it is not a major issue in today's market.

If you want more info on FHA loans, please give me a call at 843-209-9667 or email me at rsandin@carolinaone.com and I will get you in touch with one of my preferred lenders.

Randall Sandin

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