Loan program

First-Time Homebuyer Loans in NC, SC & GA

You do not need 20% down or perfect credit to buy your first home. Several programs let first-time buyers put down as little as 0 to 3.5%, and there are honest ways to bring your cash to close down further, including down payment assistance. Here is how it works, what lenders look for, and how I help you get from renting to owning without surprises.

How it works

How it works.

"First-time buyer" is not one loan. It is a path. The low-down options are conventional (as little as 3% down for eligible first-time buyers), FHA (3.5% down with a 580 or higher score), and VA or USDA (0% down for those who qualify). Gift funds from an eligible family member, seller-paid closing costs, and down payment assistance, such as the Chenoa Fund on FHA loans, can reduce the cash you bring to the table. We match the program to your credit, income, and savings, and I coach you through every step.

You may count as a first-time buyer even if you owned before

Many programs, including Fannie Mae's and several state housing agency programs, treat you as a first-time buyer if you have not owned a home in the past three years. So if you sold a home a few years ago and have been renting, you may still qualify for first-time buyer options. Each program has its own definition, so we check the one you plan to use.

Stacking help: gifts, seller credits, and assistance

Cash to close is usually the biggest hurdle, not the monthly payment. Three tools help. Gifts from eligible family members can cover some or all of your down payment on most programs, with a signed gift letter and a paper trail. Seller concessions let the seller pay part of your closing costs, within limits that vary by loan type. Down payment assistance can add a second mortgage for your down payment. The Chenoa Fund is the program I can place on FHA loans, and state programs from NCHFA, SC Housing, or Georgia Dream are options to ask about, offered only through participating lenders that I confirm for your file.

Each option has trade-offs. Assistance programs can come with slightly different pricing, and seller credits are part of the negotiation. I lay out the options with and without each piece so you can decide.

FHA or conventional for your first home?

With a score in the mid 600s or lower, or a higher debt load, FHA is often easier to qualify for. With stronger credit, conventional often costs less over time because its mortgage insurance can be removed later. Conventional options for lower-income buyers, like Fannie Mae HomeReady and Freddie Mac Home Possible, can offer reduced mortgage insurance. The compare tool shows both side by side.

Step by step

How the process works, start to finish.

1. 1

   Budget and goals

   We start with the monthly payment you are comfortable with, not the maximum a lender will approve.

2. 2

   Credit and savings check

   I review your credit and savings to see which programs fit, including whether you qualify for the Chenoa Fund and whether a participating lender is available for a state program.

3. 3

   Pre-approval

   You get a full pre-approval that reflects your program, so your agent knows your price range.

4. 4

   Homebuyer education if required

   Some programs require a short homebuyer course. We get it done early.

5. 5

   Offer, appraisal, and closing

   I walk you through the appraisal, underwriting conditions, and your Closing Disclosure so nothing at closing is a surprise.

FAQ

Common questions: First-Time Buyer.

• What credit score do I need as a first-time buyer?

  It depends on the program. FHA can go to 580 for 3.5% down, conventional first-time options generally start around 620, and state down payment assistance programs often want 640. On a call I will tell you honestly where you stand.

• Are closing costs separate from the down payment?

  Yes. Closing costs (lender, attorney, title, appraisal, recording, and prepaid taxes and insurance) are separate from your down payment, and the seller can often help cover them within program limits.

• Who counts as a first-time homebuyer?

  For many programs, anyone who has not owned a home in the past three years counts. That means you may qualify even if you owned a home years ago. Each program has its own definition.

• Can my parents give me money for the down payment?

  On most programs, yes. Gifts from eligible family members are allowed with a signed gift letter and documentation showing the money moving from their account to yours.

• Is there first-time homebuyer assistance in NC, SC, and Georgia?

  Yes. The down payment assistance I can place is the Chenoa Fund on an FHA loan, which has no first-time buyer requirement. North Carolina also has NCHFA programs, South Carolina has SC Housing's Palmetto Home Advantage, and Georgia has the Georgia Dream program, each with its own income, credit, and price rules and each offered only through participating lenders, so I confirm participation before recommending one. See my down payment assistance guides for details.

• How much should I have saved to buy my first home?

  Plan for your down payment, closing costs, and a cushion for moving and repairs. With a 3% or 3.5% down loan, seller help, or assistance, some buyers need far less than they expect. I can give you a specific cash-to-close estimate for your price range.

• Should I pay off debt or save for a down payment first?

  It depends on your debt-to-income ratio and credit. Paying down a card balance can raise your score and lower your ratio, while savings cover cash to close. I can run both scenarios and show which gets you approved sooner.

• Do I need a homebuyer education class?

  Some programs require one, including many state down payment assistance programs and certain conventional first-time buyer options. It is usually online and takes a few hours. Even when it is optional, it is worth doing.

Sources: FHA Handbook 4000.1; Fannie Mae Selling Guide (HomeReady, first-time homebuyer definition); Freddie Mac Home Possible; Chenoa Fund (chenoafund.org); NCHFA, SC Housing, and Georgia DCA program pages.

Last reviewed September 2026 by Keith Lopez, NMLS #2814077.

From the blog

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• First-Time Buyers Closing Costs for First-Time Buyers in South Carolina: What to Budget Beyond Your Down Payment First-time buyers in South Carolina need to budget more than just a down payment. This guide explains attorney closing requirements, common fee categories, and strategies to reduce out-of-pocket costs.
• First-Time Buyers FHA Down Payment in Richmond Hill, GA: What First-Time Buyers Need to Know FHA loans require as little as 3.5% down in Richmond Hill, GA, and down payment assistance programs may cover that cost. Here is what first-time buyers need to know before applying.
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