taylor@lowcountryhomeloans.com
843.800.0178
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
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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.
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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.
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VA Loan :
100% financing available for all eligible service members, veterans, and surviving spouses!
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USDA Loan :
100% financing available for eligible buyers in rural areas!
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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 residence, 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
I'm a real estate investor, what's your minimum credit score?
Case by case basis but usually 500
Do you offer any 100% for first time home buyers?
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.
What's the minimum down payment needed for a first time home buyer?
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.
What's the min credit score for a first time home buyer
Typically 580
What if my credit score is less than 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.
Can cash be used for down payment?
Cash will need to be seasoned (sit in bank account) for at least 60 days, in order to be used.