7 Best Jumbo Loans in South Carolina


Jumbo mortgage loans in South Carolina give borrowers more purchasing power when looking for a home.

Key Terms

  • The limits on a South Carolina jumbo loan surpass the “conforming” limits on conventional loans.
  • Borrowers access more financing under a single loan with a jumbo loan.
  • Jumbo loans in South Carolina don’t always require a big down payment.

With white sand beaches, mild temperatures, and southern hospitality, South Carolina delivers a lot in terms of quality of life. When you throw in one of the lowest crime rates in the country, it’s no wonder so many are proud to call South Carolina home. 

Finding a home in the state is getting more complicated, however, as prices rise. According to the South Carolina Realtors Association, the median sales price of a home in South Carolina is $273,000. Many new builds and modern homes are surging past conforming loan limits, meaning more South Carolinians may need jumbo home loans to finance a home.

For the most recent year, the HDMA data places South Carolina 22nd in the country in terms of mortgage origination activity, with a total of $7.93 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in South Carolina, you won’t be alone. Whether you want to buy real estate in Charleston, Richland, or any other city throughout SC, jumbo loan rates and loan terms might be your answer.

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What is the jumbo loan limit in South Carolina?

The jumbo loan limit in South Carolina for all counties is $647,200. Any loan that exceeds $647,200 is a jumbo loan in the state of South Carolina. Any loan that is less than $647,200 is a conforming loan in the state of South Carolina.

South Carolina Jumbo Loan Limits (December 2022)

South Carolina county-by-county jumbo loan, conforming loan and FHA loan limits.

South Carolina
County
South Carolina
Jumbo loan
(1-unit)
South Carolina
Conforming
loan limit
(1-unit)
South Carolina
FHA loan limit
(1-unit)
Abbeville$647,200+$647,200 $420,680
Aiken$647,200+$647,200 $420,680
Allendale$647,200+$647,200 $420,680
Anderson$647,200+$647,200 $420,680
Bamberg$647,200+$647,200 $420,680
Barnwell$647,200+$647,200 $420,680
Beaufort$647,200+$647,200 $391,000
Berkeley$647,200+$647,200 $391,000
Calhoun$647,200+$647,200 $420,680
Charleston$647,200+$647,200 $391,000
Cherokee$647,200+$647,200 $420,680
Chester$647,200+$647,200 $420,680
Chesterfield$647,200+$647,200 $420,680
Clarendon$647,200+$647,200 $420,680
Colleton$647,200+$647,200 $420,680
Darlington$647,200+$647,200 $420,680
Dillon$647,200+$647,200 $420,680
Dorchester$647,200+$647,200 $391,000
Edgefield$647,200+$647,200 $420,680
Fairfield$647,200+$647,200 $420,680
Florence$647,200+$647,200 $420,680
Georgetown$647,200+$647,200 $420,680
Greenville$647,200+$647,200 $420,680
Greenwood$647,200+$647,200 $420,680
Hampton$647,200+$647,200 $420,680
Horry$647,200+$647,200 $420,680
Jasper$647,200+$647,200 $350,750
Kershaw$647,200+$647,200 $420,680
Lancaster$647,200+$647,200 $420,680
Laurens$647,200+$647,200 $420,680
Lee$647,200+$647,200 $420,680
Lexington$647,200+$647,200 $420,680
Mccormick$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Marlboro$647,200+$647,200 $420,680
Newberry$647,200+$647,200 $420,680
Oconee$647,200+$647,200 $420,680
Orangeburg$647,200+$647,200 $420,680
Pickens$647,200+$647,200 $420,680
Richland$647,200+$647,200 $420,680
Saluda$647,200+$647,200 $420,680
Spartanburg$647,200+$647,200 $420,680
Sumter$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Williamsburg$647,200+$647,200 $420,680
York$647,200+$647,200 $420,680

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7 Top South Carolina jumbo loan lenders

If you’re ready to learn more about the best jumbo mortgage lenders in South Carolina, here are the top options we’ve found through our research.

1. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. TD Bank

TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.

We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:

  • 10% down up to $3 million
  • Requires a credit score minimum of 700
  • Can lend up to $4.5 million
  • If you qualify for the wealth program, you are eligible for jumbo loans up to $6 million with 30% down or loans above $6 million with 35% down.

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum credit score is 680
  • Fixed rate and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

7. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Pros and cons of getting a jumbo loan in South Carolina

It’s true that there are different types of loans out there, and not all of them will cover a purchase of a big property on a conventional loan. You’ll need to research your monthly payment, the requierd debt-to-income ratio, closing costs, loan rates, premiums, and other details before committing to a jumbo loan on your dream home. Each lender has their own underwriting requirements, too, so you might want to compare loan options from a few lenders.

South Carolinians looking to buy new and modern homes in competitive markets or larger properties with plenty of acreage may be held back by the limits that come with conforming loans. If you spot something you have to have on the NMLS, don’t give up hope if the price tag exceeds confirming loan limits. As an alternative, jumbo loans offer a range of advantages, including:

  • Higher limits for more purchasing power in an expensive market
  • Lower down payment required compared to conventional loans
  • Allows you to finance a high-priced home under a single loan

The cons are worth looking at, as well. Borrowers may well have to pay more for these loans through a higher interest rate. Any borrower who wishes to qualify for a jumbo loan must have a high credit score, as well. Finally, not every property will qualify for financing under a jumbo loan.

Is a jumbo loan in South Carolina right for you?

How can you determine if a South Carolina jumbo loan is right for you? If you are looking for a new or modern home, its price tag may exceed conforming limits. Your only alternatives are to either put down a big down payment or take out several mortgages at once. 

Do you want to pay more for your financing or is that something with which you are comfortable? Since a jumbo loan makes it easier to buy a large property or pricier house with just one loan, you may well find that a higher interest rate is worth it at the end of the day. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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