What documents do you need to buy a house in South Carolina?

What is needed to buy a house in South Carolina?

SC Housing Homeownership Program

  • Have a minimum credit score of 620 – 640, depending on the loan program you select. …
  • Make a down payment of at least 3% – 5%. …
  • Purchase an eligible property type. …
  • Accept a loan term of 30 years.
  • Complete a homebuyer education course.

What documents do I need to buy a house?

What Paperwork Do I Need to Buy a House?

  • Pay Stubs. Lenders need to know you have stable income that will allow you to pay your mortgage each month. …
  • Proof of Employment. …
  • Employer Contact Information. …
  • Tax Documents. …
  • Bank Statements. …
  • Business Documents. …
  • Debt Information. …
  • Confirmation of Property.

How much do I need to put down on a house in South Carolina?

SC Housing Homebuyer Program

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Borrower requirements: 3 percent down payment for conventional loan; 3.5 percent down payment for FHA loan; no down payment required for VA or USDA loan. 640 minimum credit score for conventional, VA and USDA loan; 620 minimum credit score for FHA loan.

What ID do you need when buying a house?

Usually they will ask for photo ID (either a passport or driver’s licence) and proof of address in the form of a utility bill or bank statement dated within three months.

How long does it take to buy a house in SC?

Average time homes spend on market in South Carolina

Annual average 76 days
October 71 days
November 73 days
December 89 days
Based on January 2022 data from Realtor.com

Who pays closing costs in South Carolina?

Closing Costs can be paid by three separate parties in the transaction – the buyer, the seller and the Lender, or a combination of the three.

How much deposit do you need for a house?

You’ll need to save up to 5% or more of the purchase price as a deposit, and borrow the rest of the money (the mortgage) from a lender such as a bank or building society. The loan is ‘secured’ against the value of your home until it’s paid off.

How do I go about buying a house for the first time?

Home buying tips for first-timers

  1. Check what you can afford. Before you even start looking for that dream home, work out what you can afford. …
  2. Factor in the extra costs. …
  3. Know what you’re buying. …
  4. Follow through on your offer. …
  5. Have your paperwork ready.
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How many months of bank statements do I need for a mortgage?

During your home loan process, lenders typically look at two months of recent bank statements. You need to provide bank statements for any accounts holding funds you’ll use to qualify for the loan, including money market, checking, and savings accounts.

What is the average mortgage payment in SC?

Mortgage payments by state

State Median monthly home payment
South Carolina $1,250
South Dakota $1,371
Tennessee $1,264
Texas $1,675

What is the monthly payment on a $300000 house?

Monthly payments for a $300,000 mortgage. Where to get a $300,000 mortgage.

Monthly payments for a $300,000 mortgage.

Annual Percentage Rate (APR) Monthly payment (15 year) Monthly payment (30 year)
3.00% $2,071.74 $1,264.81

What are closing costs in SC?

On that day, you’ll sign a number of documents, as well as pay a few fees, which are known as closing costs. South Carolina’s closing costs average 1.66% to 4.94% of a home’s value, with this variance depending on a number of factors, including location, services used and lender.

Who can certify documents when buying a house?

Your document must be certified by a professional person or someone well respected in your community (‘of good standing’).

For example:

  • bank or building society official.
  • councillor.
  • minister of religion.
  • dentists, doctors, opticians.
  • chartered accountant.
  • financial advisors.
  • lawyer, solicitor or notary.
  • teacher or lecturer.

How long is the process of buying a house?

The house buying process can differ greatly and is one of the biggest decisions you’ll make in your life. It takes about 6 months in total to buy a house, however this varies from move to move so be sure to do your research in advance.

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Do estate agents need proof of ownership?

For landlords, sellers and buyers, this means that your estate agent is legally obliged to obtain proof of your identity and proof of your address. Estate agents will also require sight of all original documents or alternatively, certified copies.