Best South Carolina Mortgage Lenders for 2024

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Whether you're hoping to live near the beach, buy a larger home in your current neighborhood, or planning to move to the state, landing the right mortgage will make the experience more pleasurable. Here's a look at some of the best mortgage lenders available to South Carolina residents, as well as tips on how to get approved for a home loan.

Best South Carolina mortgage lenders

• Online lending: Rocket Mortgage®
• Less-than-perfect credit: Pennymac
• Self-employed home buyers: NASB Mortgage
• Jumbo loans: Axos Bank Mortgage
• First-time home buyers: Palmetto State Home Mortgage

Best for: Online lending

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rocket Mortgage led the transition to a full digital experience and online-only applications. Its seamless process is one reason Rocket Mortgage is consistently ranked in the top two on J.D. Power's customer service rankings. Rocket Mortgage has a robust and high-quality app that makes it easy to use.

Min. Credit Score 580 FHA 620 other mortgage products

• 580 - 680

Min. Down Payment 0%-3.5% (FHA & VA loans) 3% (conventional loans)

• Online-only
• Low down payment options
• Opportunities to get cash toward closing
• High customer satisfaction ratings

Fixed Rate Terms

• Customizable (10-30 years)

Adjustable Rate Terms

• 10/6, 7/6

Best for: Less-than-perfect credit

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Pennymac specializes in government mortgages like VA and FHA loans. Pennymac offers rate transparency, help via phone or online, flexible loan terms, and a rate guaranteed to beat competitors. Pennymac is a great place for people to start looking for a mortgage.

Min. Credit Score 580 FHA and VA loans 620 Conventional loan 700 Jumbo loan

Min. Down Payment

• 100% online application
• Instant rate estimates
• Flexible terms

Fixed Rate Terms

• 30y, 20y, 15y (some customized terms are available)

Adjustable Rate Terms

• 10/6, 7/6, 5/6

Best for: Self-employed home buyers

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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The self-employed borrower program may be a great option for people who otherwise have a hard time getting a competitive loan, plus the lender still offers a good range of mortgage programs for other needs.

Min. Credit Score 580 FHA Loans 620 for Conventional 660 for VA Loans

Min. Down Payment

• Variety of mortgage products
• Self-employed loan programs
• VA loans come with no lender fees

Fixed Rate Terms

• 30y, 15y

Adjustable Rate Terms

Best for: Jumbo loans

Axos Bank Mortgage

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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No lender fees for qualified existing customers, along with a fully online experience make it a top pick. One of the rare lenders to offer jumbo loans up to $30 million. Axos also offers a mortgage with rewards, giving up to 3% cash back every year.

Min. Credit Score 580 FHA loans 620 other mortgage products

Min. Down Payment

• Lender fee waiver for qualified existing customers
• Jumbo and super jumbo loans
• HELOC offerings

Fixed Rate Terms

• 30y, 20y, 15y, 10y

Adjustable Rate Terms

• 10/6, 7/6, 5/6

Best for: First-time home buyers

Palmetto State Home Mortgage

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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A great option for South Carolinians who want someone else to shop for the best deal, and they may save money on both loan fees and closing costs.

Min. Credit Score

Min. Down Payment

• Offers low credit score loans
• Offer low down-payment options
• Finances non traditional housing

Fixed Rate Terms

• Fixed and ARM terms available

Adjustable Rate Terms

• Fixed and ARM terms available

You know you've found a great mortgage lender when it saves you money and provides strong customer service. If your situation in life changes and you want to make a change to your existing mortgage, you want a company you can count on to help you out. Here are some of the other traits of a strong mortgage lender:

• A lender that walks you through the loan process
• A transparent lender that helps you understand precisely what you'll pay for the loan
• A lender that responds to your calls and answers questions in a timely manner
• A lender that offers a loan with a low interest rate and minimal fees

How do I get approved for a home loan in South Carolina?

Whether you're buying your first home or home No. 10, the process can be stressful. Taking these steps can alleviate some of the stress.

1. Order a free copy of your credit reports. You're entitled to a free copy from each of the "Big Three" credit reporting agencies -- Equifax, TransUnion, and Experian -- once each year. Order all three online through annualcreditreport.com. As soon as you receive them, go over each report carefully, looking for mistakes. If you find a mistake, dispute it with the credit reporting agency in question. Even a small mistake can lower your credit score.
2. If your credit score is low, take steps to boost it before applying for amortgage. Taking the time to raise your credit score may seem like a waste, but can save you thousands of dollars over the life of a loan.
3. Gather allneeded documentsin one place. If you're organized, it's that much easier to provide a lender with the documents it needs quickly. After collecting your documents, make a list of your outstanding debts. Part of the approval process involves comparing your debts to your income to make sure you can afford the mortgage.
4. Shop mortgage lenders. You don't have to worry that shopping around for a mortgage will impact your credit score. While your credit score may be dinged a bit by a credit inquiry, applying with several different mortgage companies over a two-week period counts as a single credit check. Once you've made a few payments on time, your credit score should return to its previous level, or even higher.
5. Provide lenders with any documents requested in a timely manner. Simply put, the faster you're able to provide a mortgage company with the documents they request, the faster your loan can be processed.
6. Once you've been approved, compare offers. Look at everything, from the APR offered to lender fees. The best interest rate does not tell the entire story. It's only by comparing interest rates and lender fees that you can determine the best mortgage lender for you.

What credit score do I need for a mortgage in South Carolina?

Depending on the type of loan and the specific lender, it is possible to be approved for a mortgage in South Carolina with a credit score as low as 560 to 580. However, it's important to note that the lowest interest rates are reserved for those with the highest credit scores. So, while you may snag a loan with a low credit score, you can expect to pay a higher rate. One possible solution is to take time to build your credit score before applying.

How much is a down payment for a home in South Carolina?

The amount of down payment required depends entirely on the type of loan you choose. For example, a VA or USDA loan requires 0% down, while an FHA loan requires a minimum of 3.5% down.

What home-buyer programs does South Carolina offer?

With the South Carolina Homebuyer Program you can receive:

• A low, fixed interest rate
• Down payment assistance

To learn more about the Homebuyer Program, visit the South Carolina State Housing Finance and Development Authority website.

What else do I need to know about buying a home in South Carolina?

As interest rates rise, you may be tempted to buy a home quickly. However, before you head out to look at homes, run the numbers to learn how much you can afford. Once you know how much you can spend, stick with your budget. The goal is to purchase a home without overspending. There are few things more uncomfortable than being house poor.

And if you don't find anything that fits your needs and your budget, it's okay to wait. Waiting gives you more time to put money away and to choose the lender that you will one day use.

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor