First-time homebuyers, in particular, find it challenging to come up with their down payment and closing costs. This does not mean homeownership is unattainable, however, as there are many programs that provide loans or grants to help first-time buyers get a home. Even better, many of these programs do not require buyers to be low-income.
The following are popular first-time buyer programs in Horry County, SC that make it easier to afford a down payment and closing costs on your first home.
Great Choice and Great Choice Plus are home loans offered by the THDA. The Great Choice program works in conjunction with USDA, VA, FHA, or uninsured conventional loans up to a value of 78 percent. The Great Choice loan is a 30-year, fixed-rate mortgage. The Great Choice Plus is a 15-year second mortgage with 0 percent interest and no monthly payments. There are certain income and credit history requirements a borrower needs to meet to obtain a Great Choice or Great Choice Plus loan option.
This loan option offers down payment assistance to first-time homebuyers. Before closing on this loan, borrowers are required to take homebuyers-education courses. These courses familiarize them with the complicated process of taking out a THDA loan.
Many areas qualify for a USDA loan, also known as a rural loan. You do not need to make a down payment, and there is no private mortgage insurance. The seller can also pay up to 6 percent of your purchase price toward closing costs.
The property must be located in a targeted area, however, and your credit score must be at least 640.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020