Anderson County, SC
FHA loans in Anderson
FHA is the workhorse loan inside the city of Anderson. It approves buyers whose credit or debt ratios do not fit a conventional box, and at 3.5 percent down it clears the cash hurdle for most of the housing stock here.
What almost nobody tells Anderson buyers is that FHA is not automatically the cheapest option. Much of the county outside the city qualifies for zero-down USDA financing with a lower annual fee, and that comparison is worth running before you settle on FHA.
Updated
At a glance
- Minimum down
- 3.5% at 580+ credit
- Upfront MIP
- 1.75% of the loan, financeable
- Annual MIP
- ~0.55% above 95% LTV
- Limits
- Set by county — Anderson confirmed on request
- Compare against
- USDA, if the address qualifies
Run USDA before you commit to FHA
USDA guaranteed financing is zero down with an annual fee lower than FHA’s annual mortgage insurance premium, and eligibility turns on the property address and household income rather than on whether you have owned before. A great deal of Anderson County outside the city and the developed corridors sits inside the eligible area.
Both checks are quick. The address has to be in an eligible area, and the maps get revised, so an answer from three years ago is not today’s answer. The income limit counts the whole household by size, not only the borrowers on the note. Send me an address and a household size and you will have both answers the same day — and then a real comparison rather than a default.
The mortgage insurance, stated plainly
FHA charges an upfront premium of 1.75 percent of the loan, normally financed into the balance, plus an annual premium collected monthly. At 3.5 percent down that annual premium stays for the life of the loan; it only falls off after eleven years if you put at least 10 percent down.
Which makes FHA a good loan to buy with and a poor one to keep for thirty years. Buy with FHA, build equity through payments and appreciation, refinance into conventional once the numbers support it. Set that up as a plan on day one.
Older houses and the FHA appraisal
An FHA appraiser values the house and also measures it against minimum property requirements — peeling paint on pre-1978 stock, an active roof leak, exposed wiring, non-functioning systems, safety hazards. Downtown Anderson and the older mill-village streets have plenty of genuinely old housing, and required repairs have to be completed before closing.
Where the seller will not or cannot fund the work, FHA 203(k) renovation financing folds it into the loan and underwrites against the after-improved value. The Limited version handles up to $35,000 of non-structural work; the Standard version handles larger and structural projects. It is usually the honest answer on a house that needs real work.
Manufactured homes: FHA can do it, with conditions
FHA will finance a manufactured home with the land, provided the home is permanently affixed on a foundation the program accepts, the towing equipment is removed, the certification labels and data plate are present, and the home and land are titled together. That is a mortgage at mortgage pricing rather than a personal-property loan at personal-property pricing, and over the life of the loan the gap is large.
Loan limits in Anderson County
FHA limits are set by county, between the 2026 one-unit floor of $541,287 and the high-cost ceiling of $1,249,125. Most purchases in Anderson County sit comfortably below the limit; Lake Hartwell frontage is where it comes up, and waterfront is generally a conventional or jumbo conversation anyway.
FHA loans in Anderson mortgage questions.
It depends on the address. USDA is zero down with a lower annual fee than FHA, and much of the county outside the city qualifies — but eligibility is address-specific and there are household income limits. Inside the city FHA is usually the answer. Send me an address and I will run the comparison properly.
Around 580 for the 3.5 percent down program, with 10 percent down available at lower scores. Lenders apply their own overlays, and debt-to-income ratio frequently binds before score does.
It can generate required repairs — peeling paint on pre-1978 housing, an active leak, exposed wiring, a non-functioning system. That is a negotiation, not an automatic failure. If the work is substantial, 203(k) financing folds it into the loan instead.
Yes, when the home and land are financed together, the home is permanently affixed on an acceptable foundation with the towing equipment removed, and the certification labels and data plate are intact. Structured that way it is a mortgage rather than a chattel loan, which is a very different cost over thirty years.
Programs that fit here
What most Anderson buyers actually use.
From clients
What working with me was actually like.
Unedited reviews from clients and agents. If a review was written while I was with a previous company, it says so — the words are theirs and I am not going to tidy them up.
5.0
45 reviews
Being a first time homebuyer, I was nervous about the buying process. Now that it’s all over, I don’t remember stressing during our buying process at all. Travis literally made it stress free. It was almost a hands off process, he did it all! His communication, professionalism, and passion to make your dreams come true is unmatched. I whole heartedly believe he is the best in the business. As long as the world is turning, I’ll be trusting Travis and his team with my lending needs.
Travis went above and beyond to make sure we understood the financial process of buying a home. He was always responsive whenever we had questions.
Travis and his whole Fairway team was wonderful to work with! From the beginning Travis was very friendly and super helpful. He was always available to answer any and all questions that we had, responding to calls and texts right away. He kept us up to date on everything going on with our home loan, and we never had to second guess where we were in the process. As first time homebuyers, we are so thankful that we had the smoothest home buying process thanks to Travis and his team. I would recommend Travis and Fairway Mortgage to anyone looking to purchase or refinance their home. They are the best!!
#1 Choie for any Mortgage first time buy, refi, and Cash out Refi. Great customer service, responds to every call and text, knowledgeable and experienced, Excellent at communication before performing task to his clients. Answers any questions in a perfessional manner.
I absolutely recommend Travis for any prospective buyer! As a first time homebuyer, I was really nervous and unsure about the process, but Travis was super helpful every step of the way. He took the extra time to explain everything to me and was always quick to respond to any questions or concerns I had which I really appreciated. Travis made this experience so much less stressful, I felt like I could relax a little since I knew I could count on him. Additionally, he was always a delight to talk to and by the end he was just as excited as me to close on my house, haha. I highly recommend his services especially for any first time homebuyers looking for a supportive and knowledgeable lender!
Travis was always there with an answer and guiding me through the whole lending process! Very professional and friendly, feel like I've known him for years...would highly recommend Travis for anyone in the market!!!
This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval.
Fairway Independent Mortgage Corporation is not affiliated with any government agencies. These materials are not from HUD, VA, USDA or FHA, and were not approved by HUD, VA, USDA or any other government agency.
Equal Housing Opportunity. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Next step
Buying in Anderson? Start with the number.
A documented pre-approval takes about 24 hours from a complete document set, and it tells you exactly what you can offer in Anderson — plus what closing day costs.