The new year always brings changes. Some are more welcomed than others!


Max mortgage amounts have increased (Information provided by Carolina One Mortgage)

* Conforming Fannie Mae max loan amount is now $453,100, A qualified buyer can put down as little as 5% (3% for owner occupied/1st Time Buyers) and go up to a $453,100 mortgage. Any mortgage over $453,100 falls into the Jumbo Mortgage category (higher down payment & different qualifying criteria)

* VA: $453,100 with 0% down with sufficient eligibility

* Rural Housing (USDA): $453,100 with 0% down - address/buyer must qualify

* FHA - $368,000 (Charleston County, SC) with 3.5% down (varies county to county & state to state)

Revised Minimum Credit Scores: Note: May vary from lender to lender & buyer to buyer depending on circumstances and are subject to change at any time.

VA - 580

FHA - 580 with 3.5% down; 500 with 10% down payment

Conventional - 620 with 20% down (other circumstances may come into play)

USDA (rural housing): 620 - verify with your local USDA office and lender


Economy is improving in many sectors, and we're seeing an inching up of rates. As usual, mortgage rates vary based on a buyer's credit history, down payment, loan type and debt-to-income ratios and lender. Rates are currently in the mid-4% range (can and often change daily).


Number of listings have increased somewhat but the number of buyers in many price ranges outstrips the number of available homes (especially those in good and/or updated condition).


Market continues to be active across the board but all listings DO NOT sell.


New homes continue to provide strong competition for resales in many price ranges and areas. Land availability and cost are contributing factors.

Wishing all a Happy New Year! Mary Carson 843.300.56543