*** FHA Drops The Maximum Loan Amount! ***
*** FHA MORTGAGE LOAN LIMITS CHANGE ***
Thinking of buying your first home in the Charleston, SC area?
The new single-family FHA (Federal Housing Administration) loan limit for the Charleston, SC Tri-County area is $308,200, down from $335,000. This amount should still be sufficient to purchase an average home in most areas of the city, as the mean home price in the Charleston SC MLS area is $206,500.
This change is the result of FHA using 115% of the area median income instead of 125% as in the past. The new limit will apply to all new case files opened in 2014.
For more information about getting a mortgage loan, please fill out this form, or give us a call on 843-900-0155.