New FHA loan limits raised for Charleston
The Department of Housing and Urban Development (HUD) has raised FHA loan limits for the Charleston metro area including Charleston, Dorchester and Berkeley counties to $335,000 for single family homes. The previous limit was $271,050.
FHA loans are more flexible regarding credit history and generally require a lower down payment. With recent good news from Ameridream where sellers can assist buyers with a portion of their down payment and closing costs, this is good news for the Charleston real estate market.