FHA Loans
A more accessible path to homeownership with lower down payments and flexible credit guidelines.
Down payments as low as 3.5% for qualifying borrowers
Credit scores as low as 580 may qualify
More flexible debt-to-income ratio guidelines than conventional loans
Down payment assistance programs can be combined with FHA loans
Available for single-family homes, multi-family properties, and certain condos
Competitive interest rates backed by government insurance
Borrowers with a credit score of 580 or higher can qualify for an FHA loan with a down payment as low as 3.5%. Scores between 500 and 579 may still qualify, but will require a minimum 10% down payment. We'll review your full credit profile and let you know exactly where you stand.
The minimum down payment for an FHA loan is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. On a $250,000 home, that's as little as $8,750 — making FHA one of the most accessible loan options available.
Yes. FHA loans require both an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, typically rolled into the loan, and an annual mortgage insurance premium (MIP) paid monthly. In most cases, MIP stays for the life of the loan unless you put down 10% or more, in which case it can be removed after 11 years. We'll explain exactly how this affects your monthly payment.
Yes — FHA loans are compatible with many state and local down payment assistance programs, which can cover some or all of your required down payment and closing costs. We'll help you identify programs you may qualify for in North and South Carolina.
FHA loans can be used to purchase single-family homes, multi-family properties up to four units, certain condominiums, and manufactured homes that meet FHA guidelines. The property must be your primary residence — FHA loans cannot be used for investment properties or vacation homes.
The biggest differences are in credit requirements, down payment minimums, and mortgage insurance. FHA loans are more accessible for buyers with lower credit or smaller down payments, but conventional loans typically offer lower long-term costs for well-qualified buyers because PMI can be removed once you reach 20% equity. We'll compare both options side by side so you can choose with confidence.
Absolutely — and many borrowers do exactly that once they've built enough equity and improved their credit profile. Refinancing into a conventional loan can eliminate mortgage insurance and potentially lower your rate. When the time is right, we'll help you evaluate whether refinancing makes financial sense.
FHA loans typically close in 30 to 45 days, similar to conventional loans. Because FHA loans require an FHA-approved appraisal that evaluates both value and property condition, it's important to account for any repair requirements the appraisal may flag. Our team will keep things moving and communicate with all parties to avoid unnecessary delays.
Phone: 864‑205-5210
Address: Greenville, SC
Office Hours
Monday–Friday: 9:00 AM – 5:00 PM
