young family looking at buying a first home

SouthState Advantage

Helping You Achieve Homeownership

Our Buyer’s and Community Advantage programs make it easier to get in the home of your dreams.

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The SouthState Advantage

Being a homeowner allows you to build equity and gives you control over rising housing expenses. Our Buyer’s and Community Advantage products are designed to make ownership more accessible. Find out which product could be a good fit for you. 1
Contact one of our mortgage bankers to determine if the Buyer’s or Community Advantage mortgage can get you in the home of your dreams.
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The SouthState Advantage Highlights

Program Details Buyer's Advantage Community Advantage
Available Financing Up to 100% 1 Up to 100% 1
Mortgage Insurance Not Required Not Required
Qualifying Credit Score 640 600
Must Be a First-Time Homebuyer No Yes 2
Income Restrictions No 3 Yes 4
Location Restrictions Yes 3 Yes 5
Maximum Loan Amount $500,000 $450,000
Available Financing
Buyer's Advantage Up to 100% 1
Community Advantage Up to 100% 1
Mortgage Insurance
Buyer's Advantage Not Required
Community Advantage Not Required
Qualifying Credit Score
Buyer's Advantage 640
Community Advantage 600
Must Be a First-Time Homebuyer
Buyer's Advantage No
Community Advantage Yes 2
Income Restrictions
Buyer's Advantage No 3
Community Advantage Yes 4
Location Restrictions
Buyer's Advantage Yes 3
Community Advantage Yes 5
Maximum Loan Amount
Buyer's Advantage $500,000
Community Advantage $450,000
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Buyer's Advantage Program Qualifiers

In order to be eligible for the Buyer's Advantage Portfolio Loan Program with no income restrictions, one of the below qualifying statements must be true using Census Demographic Data from the FFIEC.gov website:
  • The Property is located in a Low or Moderate (not Middle or Upper) Income Level Tract
    or
  • The Property is located in a Tract with a minority percentage greater than 50.00%
If the Property is not located in a Low or Moderate Income Tract or a Tract with a minority percentage greater than 50.00%, applicant income must be 80% or less of the Estimated MSA Median Family Income Level.
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Community Advantage Program Qualifiers

The Community Advantage Portfolio Loan Program is available in select counties in Florida, Georgia, Alabama, South Carolina, North Carolina, and Virginia5. Additionally, one of the below qualifying statements must also be true using Census Demographic Data from the FFIEC.gov website:
  • If the property is located in a tract with a minority percentage greater than 50% there is no income limit.
Or
  • Applicant income must be equal to or less than the estimated MSA Area Median Income
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Have Questions About Home Loans?

Have Questions About Home Loans?

View All FAQs

The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe. Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.

Try our “How Much Home Can I Afford?” calculator to get an estimate and see how much you can potentially afford.

Establish your budget and determine how much you can afford to spend on your new home by getting pre-approved. Taking this action before shopping ensure that you are shopping for a home with a list price that you are comfortable with when it is time to make an offer.
 

First-time home buyer programs are for individuals who meet certain income requirements, who are financing property in certain census tracts, or who meet other special requirements. We participate in special loan programs throughout the state and USDA Rural Housing Loans. Benefits include:

  • Lower down payments than most other financing options so you will not need as much cash to buy a home.
  • Competitive interest rates.
  • Reduced closing costs and mortgage loan fees.

Other restrictions may apply. 

Generally, you must complete a full mortgage application in order to lock a rate. You can work with your loan originator to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.

Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:

  • Lender fees. Fees can include origination and points.
  • Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.
  • Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.

You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.

First-Time Buyer Resources

First-Time Buyer Resources

  • Resources for first-time homebuyers
  • Tips for improving your credit score
  • Get information on pre-qualifying
  • Learn about the loan process
  • Find a checklist of information you'll need to gather
  • Learn about Down Payment Assistance programs
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Learn What You Can Afford

Try Our Mortgage Calculator

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  1. The Buyer's/Community Advantage mortgage provides up to 100% financing based on the lesser of the purchase price or a bank-accepted appraisal. Speak to a mortgage banker for qualification details.
  2. Buyer must complete homebuyer education course prior to closing.
  3. If Property is not located in a Low or Moderate income tract or tract that is greater than 50% minority, applicant income must be 80% or less of the Estimated MSA Median Family Income level.
  4. Applicant income must be 100% or less of the Estimated MSA Median Income level.
  5. Property must be located in one of the following counties Alabama: Jefferson County, AL; Madison County, AL. Florida: Broward County, FL; Duval County, FL; Escambia County, FL; Marion County, FL; Orange County, FL; Polk County, FL; St. Lucie County, FL; Volusia County, FL. Georgia: Chatham County, GA; DeKalb County, GA; Fulton County, GA; Gwinnett County, GA; Richmond County, GA-SC. North Carolina: Mecklenburg County, NC; Wake County, NC. South Carolina: Richland County, SC. Virgina: Henrico County, VA; or Richmond City, VA

     

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