The Best Mortgage Lenders in Folly Beach, SC
Compare verified mortgage lenders serving Folly Beach, South Carolina. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Folly Beach
Featured Mortgage Lenders
Trident United Credit Union Mortgage Department
Trident United Credit Union
Trident United Credit Union is one of the most highly-rated mortgage lenders serving the Charleston area and Folly Beach, with exceptional customer satisfaction ratings and deep roots in the Lowcountry community. As a not-for-profit financial cooperative, they offer highly competitive rates and personalized service. Their mortgage team specializes in coastal property financing and offers comprehensive guidance through the entire homebuying process. With multiple branches throughout the Charleston metro area, they provide convenient local service combined with the expertise needed for Folly Beach's unique real estate market.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established itself as a top-rated national mortgage lender with a strong presence in South Carolina and particular expertise in coastal communities like Folly Beach. Founded in Indian Land, SC, they maintain deep connections throughout the state and have built a reputation for efficient processing and excellent customer service. Their local loan officers understand the specific challenges and opportunities of purchasing property in barrier island communities, including flood insurance requirements and coastal construction considerations. Movement consistently receives high marks for their streamlined digital process and commitment to closing loans on time.
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South State Bank Mortgage Division
South State Bank, N.A.
South State Bank brings nearly a century of banking experience to the Folly Beach market, combining the stability of an established financial institution with personalized mortgage services. As one of the largest banks headquartered in the Southeast with deep roots in South Carolina, they offer comprehensive mortgage solutions tailored to coastal living. Their local mortgage specialists understand the unique aspects of Folly Beach properties, including elevation requirements and insurance considerations. South State provides competitive rates and maintains strong relationships with local real estate professionals, ensuring a smooth homebuying experience from application to closing.
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Frequently Asked Questions
Common questions about mortgage lending in Folly Beach, SC
Are there special mortgage considerations for buying a home on Folly Beach due to flood risk?
Yes, absolutely. Virtually all properties on Folly Beach are in a FEMA-designated Special Flood Hazard Area (SFHA). This means lenders will require you to purchase and maintain flood insurance as a condition of your mortgage. The cost of this insurance can be significant and must be factored into your total monthly housing expense, often adding several hundred dollars per month.
What are the typical down payment requirements for a mortgage in Folly Beach's competitive market?
Given Folly Beach's desirable location and often higher-priced properties, a 20% down payment is common to avoid private mortgage insurance (PMI) and make offers more competitive. However, for primary residences, lenders may offer conventional loans with as little as 5-10% down, or FHA loans with 3.5% down, though a stronger down payment is advantageous in multiple-offer situations common here.
Are there any South Carolina or local first-time homebuyer programs accessible for Folly Beach?
While Folly Beach itself doesn't have a local program, the South Carolina State Housing Finance and Development Authority (SC Housing) offers first-time homebuyer programs with competitive interest rates and down payment assistance. Eligibility is based on income and purchase price limits, which can be challenging for some Folly Beach properties, so it's important to check current limits with a participating lender.
How do mortgage lenders view income from short-term rentals for properties on Folly Beach?
Lenders are generally cautious. Income from an existing short-term rental (like Airbnb or VRBO) may be considered if you have a two-year history of managing the property and can provide tax returns and documentation. However, for a new purchase, projected rental income is rarely used to qualify for a primary residence mortgage. For an investment property loan, a larger down payment (often 20-25%) and different rates will apply.
Does the age and construction of many Folly Beach cottages affect mortgage approval?
Yes, it can. Older homes, especially those not recently renovated, may have issues flagged during the appraisal that a lender requires to be repaired before closing (like old roofs, faulty wiring, or structural concerns). For very old or unique properties, some conventional loan programs may be restrictive, and you might need to explore portfolio loans from local banks familiar with the island's housing stock.
Nearby Cities
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Why Choose a Mortgage Lender in Folly Beach?
Local Market Knowledge
Lenders who understand Folly Beach'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 Folly Beach and get competitive rates on your home loan.