The Best Mortgage Lenders in Edisto Island, SC
Compare verified mortgage lenders serving Edisto Island, South Carolina. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Edisto Island
Featured Mortgage Lenders
South State Bank Mortgage
South State Bank, N.A.
South State Bank is one of the most established and highly-rated regional banks serving the South Carolina Lowcountry, including Edisto Island. With nearly a century of experience, they offer deep local market knowledge particularly valuable for coastal properties. Their mortgage team specializes in Lowcountry real estate financing with competitive rates and personalized service. As a community-focused institution with multiple branches throughout the region, they provide the convenience of local decision-making combined with comprehensive mortgage products. Their high customer satisfaction ratings reflect their commitment to guiding clients through the entire home financing process.
Loan Types:
First Federal Mortgage
First Federal Bank
First Federal Bank has been serving South Carolina coastal communities for over 70 years with a strong focus on mortgage lending. They have extensive experience with properties in barrier island communities like Edisto Island, understanding the unique aspects of coastal property financing. Their mortgage specialists offer personalized service and local underwriting expertise, which is particularly valuable for vacation homes and primary residences in the area. First Federal is known for their competitive rates, flexible loan options, and commitment to the communities they serve, making them a top choice for Edisto Island homeowners.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a leading mortgage lender in the Charleston metropolitan area with strong service extending to Edisto Island. Founded in 2008, they've grown to become one of the nation's top mortgage lenders while maintaining a strong local presence. Their streamlined process and local loan officers provide efficient service with competitive rates. Movement is particularly noted for their excellent customer service and innovative technology that simplifies the mortgage process. With extensive experience in coastal South Carolina properties, they offer specialized expertise for Edisto Island's unique real estate market and have consistently high customer satisfaction ratings.
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Frequently Asked Questions
Common questions about mortgage lending in Edisto Island, SC
Are there specific mortgage considerations for buying a home on Edisto Island due to its coastal location?
Yes, absolutely. Lenders will require a separate flood insurance policy in addition to standard homeowners insurance, as most of Edisto Island is in a high-risk flood zone (AE or VE). This is a mandatory condition for loan approval and can add a significant amount to your monthly housing payment. An elevation certificate may also be required to determine accurate flood insurance premiums.
What are the typical down payment requirements for a mortgage on Edisto Island, given its mix of primary residences and vacation homes?
For a primary residence, you can still find conventional loans with as little as 3-5% down. However, for a second home or investment property on Edisto—which many properties are—lenders typically require a minimum of 10% down (often 20% or more) and may have stricter credit score requirements. This reflects the higher perceived risk for non-owner-occupied properties in a seasonal market.
Are there any South Carolina or local down payment assistance programs accessible for buying a primary home on Edisto Island?
Eligible first-time homebuyers in South Carolina can utilize statewide programs like SC Housing's Palmetto Home Advantage, which offers competitive rates and down payment assistance. However, income and purchase price limits apply, and the high median home price on Edisto Island may make some buyers ineligible. It's best to consult with a lender familiar with these programs to assess your qualification.
How does the seasonal vacation rental market on Edisto Island affect mortgage qualification for a property I plan to rent out?
If you plan to use projected rental income to help qualify for the loan, the lender will typically require a history of rental income (from a previous property) or a formal lease agreement for the new property. For a new purchase, lenders will often only consider a percentage (usually 75%) of the rental income shown in an appraiser's market rent analysis, which can be robust on Edisto but is also seasonal.
What is a key difference in the closing process for a mortgage on Edisto Island compared to inland areas?
A critical local step is ensuring clear title related to beach access and potential easements. Many properties involve covenants, rights-of-way, or shared dock/beach access agreements. Your lender's title insurance and attorney (South Carolina uses attorneys for closings) will meticulously review these to ensure there are no disputes or claims that could affect the property's value or your use, which is essential for the lender's security.
Nearby Cities
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Why Choose a Mortgage Lender in Edisto Island?
Local Market Knowledge
Lenders who understand Edisto Island's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in South Carolina.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Edisto Island and get competitive rates on your home loan.