VA Home Loans: We can go all the way down to 500 on these 100% Home Loans. These are by far the best home loans available as they have no monthly mortgage insurance, the best rates available, and are NO MONEY DOWN. These are one of the small things the government does to help its Veterans and we love doing these loans and helping out those who served our country.
FHA Home Loans: We go down to credit scores of 580 with only a 3.5% down payment from you, the borrower. These are the most often used loans for first-time home buyers. We can also go down to scores of 500 with a 10% down payment. These are also the loans used for most mobile/manufactured home loans. We work with several companies in Greenville County, SC to help with down payment assistance and can typically get $4000 for lower income families (call for more information).
USDA Home Loans: These are 100% NO MONEY DOWN loans and have great rates and a low monthly Mortgage Insurance. We can go down to credit scores of 580 on this product as well. The catch with these loans are that they are only available in certain areas outside of downtown areas and there is a maximum amount that the HOUSEHOLD can make annually. The area maps can be found here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
Conventional Home Loans: These loans can be done with 3% down (income maximums) or 5% down. Rates are typically higher on these loans and an outside Mortgage Insurance company is required to approve the borrower as well (for loans over 80% Loan To Value). Best for borrowers with a large down payment and higher credit scores. Minimum 620 credit score required.
Mobile/Manufactured Home Loans: Loans for mobile and manufactured home are typically done as FHA Loans. They require the same 3.5% down as a permanent home, but have some additional requirements. The home must be inspected by a structural engineer and must have a permanent foundation of brick or block.
New Construction Loans: Program guidelines for New Construction are extremely strict. They require raw, undeveloped land, and your chosen builder to go through an approval process. Minimum 680 credit score on all loans.
Please call for additional information or with any questions!! 864-775-5432