How much is a typical down payment in Greenville, SC?

It depends on the loan program. FHA loans require 3.5%, conventional can be as low as 3% for first-time buyers, and USDA or VA loans offer 0% down options for those who qualify. For a $350,000 home, a 3.5% down payment is $12,250.

Who pays for closing costs in South Carolina?

Typically, the buyer pays their own closing costs (usually 2-4% of the purchase price), but in some cases, you can negotiate for the seller to contribute a 'seller credit' towards these costs. This is common in new construction or balanced markets.

How much do home inspections cost in the Upstate?

A general home inspection usually ranges from $400 to $600 depending on the size of the home. We also recommend a CL-100 (termite) inspection, which is around $75-$150, and potentially radon or mold testing if necessary.

What are the property taxes like in Greenville?

South Carolina has a unique tax system. Owner-occupied homes are taxed at a 4% assessment rate, while non-owner-occupied (rentals/second homes) are at 6%. This makes SC one of the most affordable states for primary residents.

Do disabled veterans pay property taxes in South Carolina?

Veterans with a 100% total and permanent, service-connected disability rating can claim a full property tax exemption on their primary home and up to 5 acres of land, plus up to two private passenger vehicles. The exemption can pass to a surviving spouse. You file form PT-401 with your county along with a VA disability confirmation letter.

Are veterans exempt from the VA funding fee in South Carolina?

Yes. Veterans receiving VA compensation for a service-connected disability are exempt from the VA loan funding fee, regardless of the disability rating percentage. This exemption is a federal VA benefit (not state-specific) and saves 1.25%–3.3% of the loan amount upfront on a VA-guaranteed home purchase.

Do former POWs or Medal of Honor recipients get a property tax exemption in SC?

Yes. Former Prisoners of War from World War I, World War II, the Korean Conflict, or the Vietnam Conflict — and Medal of Honor recipients — qualify for a full property tax exemption on their home and a lot up to 1 acre, plus up to two private passenger vehicles. File form PT-401 with your county auditor.

Financial Planning Guide

The Real Cost of Buying a Home in Greenville, SC

Q: Does South Carolina have a homestead exemption for seniors?

Yes. South Carolina's Homestead Exemption applies if you are age 65 or older, totally and permanently disabled, or legally blind. It exempts the first $50,000 of your home's fair market value from property taxes on your primary residence. You apply once through your county auditor after closing and establishing residency.

Before you fall in love with a home in Greenville or anywhere in Upstate South Carolina, you need to understand the numbers. From the down payment to the hidden closing costs, here is exactly what to expect when buying a home in SC.

Quick Answer

In 2025, buying a $350,000 home in Greenville, SC typically requires $12,000–$25,000 upfront for a down payment (3.5%–5%) and an additional $7,000–$14,000 (2%–4%) for closing costs. Total out-of-pocket expenses often range from $20,000 to $40,000, depending on your loan type and credit.

1. The Upfront Cash (The Down Payment)

The biggest hurdle for most buyers is the down payment. While 20% is the "gold standard" to avoid private mortgage insurance (PMI), many Upstate buyers use programs with much lower entry points. First-time buyers in particular have several low-down-payment and assistance options available in South Carolina.

Standard Options

FHA: 3.5% Minimum
Conventional: 3% (First-Time)
Conventional: 5% (Standard)

Zero Down Options

USDA: 0% (Rural Areas)
VA: 0% (Veterans/Military)
Down Payment Assistance

2. The "Hidden" Closing Costs

Closing costs catch many buyers by surprise. These are the fees paid to the lender, attorney, and government to finalize the deal. In South Carolina, you should budget 2% to 4% of the purchase price. Buyers of new construction homes can sometimes negotiate seller credits toward these costs.

Loan Origination Fees

What the lender charges to process your mortgage.

Attorney & Title Fees

SC uses attorneys for closings. This covers title search and insurance.

Prepaid Items

Initial deposits for your escrow account (taxes and insurance).

Government Recording Fees

Fees paid to the county to record your new deed.

3. Due Diligence & Inspections

These are out-of-pocket costs you pay during the contract period, regardless of whether the loan closes. Learn more in our home inspection guide.

General Home Inspection$400 - $600
CL-100 (Termite Inspection)$75 - $150
Appraisal Fee$500 - $700
Radon / Mold (Optional)$150 - $300

4. South Carolina Tax Exemptions & Perks

SC's property tax system is one of the most homeowner-friendly in the country — but many buyers relocating here never learn about the exemptions until after they've closed. Knowing these up front can lower your ongoing tax bill significantly.

Homestead Exemption (Age 65+, Disabled, or Blind)

If you're 65 or older, totally and permanently disabled, or legally blind, South Carolina exempts the first $50,000 of your home's fair market value from property taxes. You must own and occupy the home as your primary residence as of December 31 of the prior year, and you'll apply through your county auditor.

Applies to your primary residence only
Must apply once with your county auditor
Reduces taxable value before the 4% rate is applied

Disabled Veteran Exemption

Veterans with a 100% total and permanent, service-connected disability rating can claim a full property tax exemption on their primary home and up to 5 acres of land — plus up to two vehicles. Surviving spouses may continue to receive the exemption. You'll need to file the appropriate form (PT-401) with your county, accompanied by a letter from the VA confirming your disability rating.

Home and up to 5 acres exempt
Up to two private passenger vehicles exempt
Surviving spouse may keep the benefit
VA funding fee waived for veterans receiving service-connected disability compensation (saves 1.25%–3.3% of the loan amount upfront)

Former POWs & Medal of Honor Recipients

Former Prisoners of War from World War I, World War II, the Korean Conflict, or the Vietnam Conflict — and recipients of the Medal of Honor — qualify for a full property tax exemption on their home and a lot of up to 1 acre, plus up to two private passenger vehicles.

Home and up to 1 acre exempt
Up to two private passenger vehicles exempt
File form PT-401 with your county auditor

Other South Carolina Tax Perks

No state income tax on Social SecuritySC does not tax Social Security retirement benefits
Assessment increase cap (owner-occupied)Assessed value can rise no more than 15% between reassessments
No estate or inheritance taxSC repealed its estate tax — no inheritance tax owed

Exemption rules and eligibility are set by the SC Department of Revenue and individual counties. Confirm current requirements with your county auditor or a tax professional before relying on any exemption.

The "Greenville" Math

Based on a $350,000 average home price in the Upstate:

Down Payment (3.5%)$12,250

Closing Costs (3%)$10,500

Inspections & Appraisal$1,200

Total Needed$23,950

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Common Questions

Frequently Asked Questions

Watch & Learn

Real Costs, Explained on Video

See the numbers in action. These videos break down SC property taxes, closing costs, affordability, and financing so you know exactly what to expect before you buy.