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 |