FHA Loans in Tega Cay SC | York County | Oasis Realty Group
York County SC
FHA Loans in Tega Cay, SC
Tega Cay FHA buyers need to target entry-level and townhome inventory as median prices approach FHA limits. The SC tax advantage helps lower total housing costs for FHA buyers.
$472,030
FHA Loan Limit
3.5%
Min Down Payment
$460,000
Median Home Price
MIP Req.
Mortgage Insurance
FHA Loan Benefits in Tega Cay
- ✓Only 3.5% down payment required
- ✓Lower credit score minimums (580+)
- ✓Seller concessions up to 6%
- ✓Gift funds allowed for down payment
- ✓Available for primary residences
- ✓Competitive rates vs conventional
Tega Cay FHA Loan At a Glance
Common Questions About FHA Loans in Tega Cay
What is the FHA Loan limit in Tega Cay SC?
The FHA Loan conforming limit in York County SC is $472,030. Homes priced above this limit may still qualify through jumbo FHA programs in some cases, but standard FHA loans cap at this amount. Oasis Realty Group can connect you with lenders who specialize in FHA Loans in the Tega Cay market.
Who qualifies for a FHA Loan in Tega Cay?
FHA Loans in Tega Cay are available for first-time buyers, buyers with lower credit scores, and buyers with limited down payment savings. FHA requires a minimum 580 credit score for 3.5% down, or 500-579 with 10% down. The home must be your primary residence and meet FHA minimum property standards.
What are the advantages of a FHA Loan vs conventional in Tega Cay?
In Tega Cay, FHA loans allow buyers to enter the market with as little as 3.5% down ($14,000 on a $400,000 home vs $80,000 for a conventional 20% down purchase). Lower credit score requirements also help buyers who do not qualify for conventional financing.
Can I use a FHA Loan to buy a home in Tega Cay with no money down?
FHA loans require a minimum 3.5% down payment in Tega Cay. However, that down payment can come from gift funds from family, down payment assistance programs, or savings. North Carolina and South Carolina both offer state-sponsored DPA programs that can be layered with FHA loans to reduce or eliminate out-of-pocket costs at closing.
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