HELOC Loans in South Carolina

Home Equity Line of Credit (HELOC)

South Carolina homeowners can tap into their property’s value through a HELOC (home equity line of credit), which offers flexible, revolving access to funds during a draw period. Whether you’re upgrading your home in Charleston, covering medical bills in Columbia, or refinancing high-interest debt in Greenville, a HELOC allows you to borrow when you need it. Most lenders in South Carolina require at least 15%–20% equity and a credit score of 620 or higher. Home equity loans provide a one-time lump sum with fixed payments, ideal for large expenses that require budgeting certainty. Lenders include regional banks, credit unions, and national institutions with competitive rates.

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How to qualify

To obtain a quote, we will need the following information:

Property Value and

 Purchase Price


Down Payment

Amount


Credit Score

 Asset Types

  • Single Family Homes
  • Townhomes
  • Condos
  • 2 - 4 Units (Duplex, Triplex, Quadplex)
  • Multi-Family: 5 - 8 Units
  • Mixed-Use: 2 - 8 Units
  • Multi-Family: 9+ Unit


Loan Terms

  • Loan Sizes: $100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
  • Purchase LTV: Up to 85%
  • Rate & Term Refinance LTV: Up to 80% 
  • Cash Out Refinance LTV: Up to 80%
  • Amortization: 30 Year % 40 Year Amortization Options Available
  • Term Lengths: 5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
  • Floor Rate: 5.50% (subject to change daily due to market volatility)
  • Full Recourse with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
  • DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
  • Vesting: Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
  • Average Time to Close: 14 to 35 days

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Frequently Asked Questions

What is a HELOC and how does it differ from a home equity loan?

A HELOC in South Carolina provides a revolving line of credit secured by your home’s equity. You can withdraw funds as needed, while a home equity loan gives a fixed lump sum with stable monthly payments. HELOCs suit ongoing or variable costs; home equity loans work best for single, large expenses.

How do HELOC rates work and what affects the interest rate?

HELOC rates in South Carolina are typically variable and tied to the prime rate. Your final APR depends on credit score, income, debt ratio, and equity percentage. Some South Carolina credit unions and banks offer rate discounts, fixed-rate conversions, or fee waivers. Always compare offers before deciding.

Can I qualify for a home equity loan in South Carolina with low credit?

Yes, South Carolina homeowners may qualify for a home equity loan with low credit if they have strong equity and reliable income. Most lenders prefer credit scores above 620, but some will work with scores in the 580–620 range. Expect more documentation and higher rates if your credit is below average.

How much equity do I need in my home to get a HELOC?

In South Carolina, lenders usually require 15%–20% home equity to qualify for a HELOC. That means your mortgage should be less than 80%–85% of your home’s current market value. Lenders also evaluate income, credit, and overall debt obligations.

Are home equity loans in South Carolina better for large expenses?

Yes, home equity loans in South Carolina are well-suited for large, one-time expenses such as home remodeling, medical bills, or debt consolidation. They offer fixed interest rates and predictable monthly payments. HELOCs provide more flexibility for ongoing or uncertain needs.

What are typical equity rates and loan terms in South Carolina?

In South Carolina, HELOC APRs typically range from 7% to 10%, based on credit profile, equity amount, and lender. Most HELOCs have a 10-year draw period followed by a 10- to 20-year repayment period. Home equity loans offer fixed interest rates with terms from 5 to 30 years. Compare several offers to find the best deal.

Looking beyond the state? Compare HELOC lending programs in North Carolina and Georgia to review options across neighboring markets.