Best of
Best SC Housing Mortgage Lenders of 2019
NerdWalletMay 20, 2019
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
SC Housing offers affordable loans and home buyer assistance programs to South Carolina residents. Here are our picks for SC Housing-approved lenders that are also highly rated.
National / Regional
National
Min. Down Payment
3%
Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.
Pros
- A robust suite of loan products.
- Licensed in all 50 states.
- Close in as little as 10 days using the Fairway app.
Cons
- Limited branch locations.
- Mortgage rates not posted on website.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- Almost half of its loans are low-down-payment government mortgages.
- Considers alternative credit, such as history of payments on rent and utilities.
Cons
- With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
- Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
Pros
- Considers alternative credit history on certain loans.
- Offers construction loans to build a home or make significant renovations to an existing home.
- Flexible borrowing and payment options for home equity loans and lines of credit.
- Full suite of online capabilities.
Cons
- Available mostly in the Southeast; not available nationwide.
- Creating an account is mandatory if you want to apply online.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
Pros
- Offers digital income, asset and employment verification.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing-cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rates quotes.
Summary of Best SC Housing Mortgage Lenders of 2019
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Fairway | online convenience | National | 3% | Read review |
 Guaranteed Rate | online convenience | National | 3% | Read review |
 Guild Mortgage | first-time home buyers | Regional | 3% | Read review |
 Caliber | first-time home buyers | National | 3% | Read review |
New American Funding at New American | nontraditional credit borrowers | National | 3% | at New American |
 BB&T | nontraditional credit borrowers | Regional | 3% | Read review |
loanDepot at loanDepot | government loans | National | 3.5% | at loanDepot |
 PrimeLending | government loans | National | 3% | Read review |
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Fairway | online convenience | National | 3% | Read review |
Guaranteed Rate | online convenience | National | 3% | Read review |
Guild Mortgage | first-time home buyers | Regional | 3% | Read review |
Caliber | first-time home buyers | National | 3% | Read review |
New American Funding at New American | nontraditional credit borrowers | National | 3% | at New American |
BB&T | nontraditional credit borrowers | Regional | 3% | Read review |
loanDepot at loanDepot | government loans | National | 3.5% | at loanDepot |
PrimeLending | government loans | National | 3% | Read review |
More SC Housing-approved lenders
Here are additional South Carolina lenders that participate in SC Housing programs. While they haven’t been reviewed by NerdWallet, they are among the leading mortgage originators in the state.
South State Bank
- Allows borrowers to start an application online.
- Offers Rural Development Loans with 100% financing.
- Has dozens of locations in South Carolina — from Abbeville to York.
Movement Mortgage
- Says it completes the underwriting for new mortgage applications within six hours.
- Processes 75% of its loans within seven business days.
- Offers a condo loan program with conventional and government-backed financing options.
Ameris Bank
- Has locations in nine cities in South Carolina.
- Offers all government-backed loans.
- Has a medical professional loan program that offers 100% financing to physicians, dentists, pharmacists and veterinarians, among others.
First Citizens Bank
- Shows mortgage rates for a variety of home loans.
- Has an online loan application with mortgage process status updates.
- Offers a renovation loan that allows you to buy and improve a fixer-upper with a single closing.
More from NerdWallet
Last updated on May 20, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best SC Housing Mortgage Lenders of 2019
- Fairway: Best for online convenience
- Guaranteed Rate: Best for online convenience
- Guild Mortgage: Best for first-time home buyers
- Caliber: Best for first-time home buyers
- New American Funding: Best for nontraditional credit borrowers
- BB&T: Best for nontraditional credit borrowers
- loanDepot: Best for government loans
- PrimeLending: Best for government loans
