Self-employed buyers and homeowners in South Carolina can ask about bank statement programs that use 12 or 24 months of statements instead of tax returns, where a program allows. Availability depends on the program and the property.
The shape of the state
South Carolina has three feels. The Lowcountry around Charleston runs on ports, tourism, hospitality and history. The Midlands, centered on Columbia, lean on state government, a major university and military ties. The Upstate around Greenville and Spartanburg has a strong manufacturing base and a growing downtown. The Grand Strand and the barrier islands are a large second-home and vacation-rental market.
Who borrows with statements here
Short-term rental owners, hospitality operators, builders, marine and boating businesses, farmers and small professional firms are common. Income often tracks seasons, which makes the 12 or 24 month choice important. A lender will be curious about whether a second home is for personal use, rental use or both.
What to expect around closings and property
South Carolina real estate closings are overseen by attorneys, so build that into your timeline. Coastal properties can bring flood, wind and insurance questions. A lender may ask for flood determination, insurance quotes and, for condos, project details early in the process.
Preparing your file
Gather statements for every account that holds income, a business registration and a clear explanation of any seasonal pattern. If your business serves visitors, expect a lender to ask for evidence that you earn through the slow months as well.
South Carolina by the numbers
Census estimates count about 246,185 self-employed workers in South Carolina, or 10.1 percent of everyone who is employed. Of those, 97,970 work through their own incorporated businesses and 148,215 through unincorporated ones. Three fields lead: professional and business services with 51,608 self-employed workers, construction with 43,270 and personal and repair services with 30,318. On the housing side, the median home value is about $259,000, median gross rent is $1,180 a month, and 72 percent of homes are owner occupied. The median household earns about $69,000. The median age is 40, 32 percent of adults have a four year degree and 11.5 percent of workers do their jobs from home.
| Measure | South Carolina |
|---|---|
| Self-employed workers | 246,185 |
| Share of employed residents | 10.1 percent |
| Incorporated businesses | 97,970 |
| Unincorporated businesses | 148,215 |
| Median home value | $259,000 |
| Median gross rent | $1,180 a month |
| Median household income | $69,000 |
| Homes owner occupied | 72 percent |
Source: Census Bureau American Community Survey, 2020 to 2024. See the data sources page.
Metros in South Carolina
- Charleston, SCLowcountry peninsula
- Columbia, SCMidlands and Lake Murray
- Greenville, SCUpstate and downtown
More cities and counties in South Carolina
- Spartanburg, SCHub City, Upstate
- Myrtle Beach, SCGrand Strand
- Hilton Head and Bluffton, SCLowcountry resort towns
- Rock Hill, SCYork County
- Fort Mill and Indian Land, SCCharlotte's southern suburbs
- Summerville, SCDorchester County
- Mount Pleasant, SCAcross the Cooper River
- North Charleston, SCPort and aerospace
- Aiken, SCHorse country and the Savannah River
- Florence, SCPee Dee region
- Beaufort, SCParris Island and the Sea Islands
- Anderson, SCLake Hartwell and the Upstate
- Sumter, SCShaw Air Force Base
- Lexington and Lake Murray, SCWest of Columbia
- Greer, SCBMW and the Inland Port
The basics apply here too
In South Carolina, as anywhere, a lender reads a year or two of deposits, subtracts an expense factor and averages the result. Expect questions about time in business and ownership share; the proof guide lists the documents. Credit, debts and the property are checked as on any loan.
Availability varies by program, property and state. Company details are on the disclosures page.
Other states
- Bank statement loans in North Carolina
- Bank statement loans in Virginia
- Bank statement loans in Texas
- Bank statement loans in Florida
Buying or refinancing in South Carolina?
Apply online or call and tell us about the property.
Frequently asked questions
Do you work on coastal condos?
Select programs allow condos. Project approval, insurance and the use of the unit all matter, so expect more questions.
Are short-term rental owners eligible?
Some owners qualify by documenting business income, and others may fit a property-income program. It depends on how the property is used.
Does seasonality hurt my file?
It does not have to. A 24 month window can show two full cycles and make an average easier to defend.