FHA exists for buyers whose credit history or savings would make a conventional loan difficult, and it is the reason a great many people in the Midlands own instead of rent. It allows a lower down payment and takes a more forgiving view of credit than conventional guidelines do.
Talk to a Loan OfficerIt is the workhorse program in the built-up Midlands — Lexington, Cayce, West Columbia, Chapin — and it travels, which is why our Charleston page sits here too.
The three things that matter most here.
FHA's minimum down payment is lower than standard conventional requirements, and the funds may come from a gift from an eligible source. That is often the single thing that moves a buyer from someday to this year.
FHA was designed for buyers whose credit is real rather than perfect. Past difficulties do not automatically end the conversation, and there are defined waiting periods after major credit events rather than a permanent no.
FHA loans carry both an upfront and an annual mortgage insurance premium for the life of most loans. That is the trade for the easier entry, and it is why we always compare FHA against conventional rather than assuming.
Straight answers, no sales language.
FHA's guidelines are more forgiving than conventional, and the minimum depends on the rest of your file — down payment, debts, and history. We would rather look at your actual situation than quote a number that may not apply to you.
Yes, from an eligible donor with proper documentation. Gift funds are common on FHA files and we will tell you exactly what paperwork the gift needs.
No. It is popular with first-time buyers but available to repeat buyers who meet the guidelines and intend to occupy the home.
On most current FHA loans the annual premium stays for the life of the loan. Homeowners who build equity and improve their credit often refinance out of FHA later. That is a conversation worth having when the time comes.
A conversation costs nothing and carries no obligation. Tell us your situation and we will tell you plainly what your options are.
Start the ConversationOr call 843-998-5045