First Time Home Buyer

First Time Home Buyer

Summary

We offer a variety of loan options for first time home buyers. Some of the most common are listed below:


Available Programs

  • FHA Loan : Long considered the top choice for all first-time homebuyers. FHA allows for more flexible underwriting guidelines with as little as 3.5% down.
  • Conventional Loan : The most common and secure home loan option. Conventional loans offer the widest variety of options for first time home buyers including the 3% down option.
  • VA Loan : 100% financing available for all eligible service members, veterans, and surviving spouses!
  • USDA Loan : 100% financing available for eligible buyers in rural areas!
  • Jumbo Loan: We offer jumbo financing for loan amounts greater than the conforming limit of $548,250. 3.5% down up to $1.5 Million & 5% down up to $2 Million!

Programs

FHA Loan

An American staple over the last 100 years. No mortgage program has been used more to help first time home buyers purchase their first home. FHA loans are backed and insured by the Federal Housing Administration (FHA). FHA allows low rates and down payments with flexible underwriting guidelines.


Qualifications
Minimum Down Payment 3.5% of sales price (can be a gift from family member)
Minimum Credit Score 580
Max Debt-To-Income Ratio 57%
Non-Occupant Co-Borrower Allowed
Manual Underwrite Allowed
Max Seller Concessions 6%
Eligible Property Types Single family residence, 1-4 unit, townhouse, condo, PUD, modular, and manufactured homes
Max Loan Amount Varies county to county – click the following link to find out more https://entp.hud.gov/idapp/html/hicostlook.cfm
Conventional Loan

The most common home loan. Conventional loans conform to the guidelines of Fannie Mae and/or Freddie Mac. Conventional loans can be used for first home, second home, or investment homes.


Qualifications
Minimum Down Payment 3% of sales price (can be gift from family member)
Minimum Credit Score 620
Max Debt-To-Income Ratio 50%
Non-Occupant Co-Borrower Allowed
Mortgage Insurance Optional (can be built into loan)
Eligible Property Types Single family residence, 1-4 unit, townhouse, condo, PUD, modular, and manufactured homes
Max Loan Amount $548,250
VA Loan

The VA helps service members, veterans and surviving spouses purchase homes allowing 100% financing. Those who qualify also get the benefit of super low interest rates with no mortgage insurance. We love our Veterans!


Qualifications
Minimum Down Payment No Down Payment Required
Minimum Credit Score 580
Max Debt-To-Income Ratio 60%
Non-Occupant Co-Borrower Not Allowed
Mortgage Insurance No Mortgage Insurance
Eligible Property Types Single family residence, 1-4 unit, townhouse, condo, PUD, modular, and manufactured homes
Max Seller Concessions 4%
Max Loan Amount $548,250
USDA Loan

The USDA helps our rural communities and allows 100% financing in eligible areas. Check out the might below to see if you are eligible.


Qualifications
Minimum Down Payment No Down Payment Required
Minimum Credit Score 640
Max Debt-To-Income Ratio 50%
Non-Occupant Co-Borrower Not Allowed
Mortgage Insurance Yes
Eligible Property Types Single resident, townhouse, condo, PUD, modular
Eligible Areas https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Max Seller Concessions 6%
Max Loan Amount $484,350
Jumbo Loan

We offer jumbo financing for loan amounts greater than the conforming limit of $548,250. 3.5% down up to $1.5 Million & 5% down up to $2 Million!


Qualifications
Minimum Down Payment 3.5%
Minimum Credit Score 620
Max Debt-To-Income Ratio 55%
Non-Occupant Co-Borrower Allowed
Mortgage Insurance No
Eligible Property Types Single family residence, 1-4 unit, PUD's, townhouse, condo, non-warrantable condo, and contels.
Max Loan Amount $10,000,000

FAQ

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.
Yes, we have two programs which offer 100% financing. VA Loans and USDA loans both allow for 100% financing. Check the programs tab to see if you are eligible.
Typically 3% to 3.5% of the sales price (that's $3,000 to $3,500 per $100,000) unless you are eligible for VA or USDA financing.
Typically 580
We have a non-prime program that allows for credit scores down to 500. The minimum down payment will need to be at least 10% but might be more depending on specific scenario.
Cash will need to be seasoned (sit in bank account) for at least 60 days, in order to be used.