Skip to content
Purchase Mortgage Loan
Get Pre-Approved

First-time home buyer programs in Florence, SC

Quick answer

First-time buyers in Florence, SC can use 3%-down conventional loans (up to the $832,750 Florence County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $189,800 median home, 3% down is about $5,694 and the estimated payment is $1,550/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $56,433; value-to-income ratio 3.36. Florence ranks 48 by home value and 10 by population among 62 places in our SC dataset.

What does a first-time buyer loan cost on a typical Florence home?

ItemFlorence
Median home value (Census ACS)$189,800
South Carolina median home value$236,700
Down payment (3%)$5,694
Loan amount$184,106
Estimated monthly payment (PITI + MI)$1,550
Income needed (28% / 36%)$67,000 / $52,000
Florence County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes South Carolina's 0.51% effective property tax rate (Census ACS), $1,753/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Florence?

Florence is in Florence County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Florence median home value of $189,800 is 20% below the South Carolina median, and within what the county limit supports.

Which down payment assistance programs can Florence buyers use?

First-time buyer loans in nearby cities

SumterConwayRed HillSocasteeCarolina ForestMurrells Inlet

First-time buyer loan FAQs for Florence

On the $189,800 median: 3% conventional ≈ $5,694, 3.5% FHA ≈ $6,643, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Florence County become jumbo loans.

At the $189,800 median value (below the South Carolina median of $236,700), the estimated payment of $1,550/month at 7.18% needs about $67,000 a year under the 28% housing guideline, or $52,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

Get matched with First-time buyer lenders in Florence

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.