Loan program

Home Purchase Loans in NC, SC & GA

Buying a home starts with knowing your real numbers and the program that fits them. I work through NEXA Mortgage with access to 300+ lenders, so instead of one bank's product, we pick from many. This page is the overview of how purchase financing works in the Carolinas and Georgia; each program has its own page with the details.

How it works

How it works.

Every purchase follows the same basic path. First, a lender reviews your credit, income, assets, and monthly debts to see what you qualify for. That becomes a pre-approval letter you use when you make offers. Once a seller accepts your offer, the loan moves into processing: an appraisal confirms the home's value, a title search confirms ownership, and an underwriter verifies everything in your file. When the loan is cleared to close, you sign with a closing attorney and get the keys.

Choosing a program

The right loan depends on four things: your down payment, your credit, the property, and how long you plan to stay. Conventional loans usually cost the least over time for buyers with solid credit. FHA is more forgiving if your score is still building or your debt-to-income ratio is higher. VA is hard to beat if you have eligible service. USDA offers 0% down in eligible areas for moderate household incomes. Specialty options cover doctors, self-employed borrowers, investors, and loans above the conforming limit.

Because I can shop many lenders, the conversation is about fit, not about whatever one bank happens to sell. I usually narrow it to two or three options and show them side by side, including the payment, cash to close, and long-term cost.

What your payment includes

Your monthly payment is more than principal and interest. It usually includes property taxes, homeowners insurance, mortgage insurance if you put less than 20% down, and HOA dues if the home has them. Taxes and insurance vary a lot across our three states, and coastal homes can carry higher insurance and flood costs, so I estimate them for the actual address rather than using a national average.

Cash to close

Cash to close is your down payment plus closing costs and prepaid items (like the first year of insurance and a few months of taxes in escrow), minus any credits. Seller-paid closing costs, gifts from eligible family members, and down payment assistance (the Chenoa Fund on FHA loans, or a state program when a participating lender is available) can all reduce what you bring to the table, within each program's rules.

FAQ

Common questions: Home Purchase.

• How much do I need to put down to buy a house?

  Less than most people think. Options range from 0% (VA, and USDA in eligible areas) to 3% (some conventional loans) to 3.5% (FHA). Twenty percent only matters on conventional loans as the point where mortgage insurance is not required.

• Should I get pre-approved before I look at homes?

  Yes. A pre-approval is a full review of your credit, income, and assets, so it tells you your real price range and makes your offer stronger than a quick pre-qualification.

• What credit score do I need to buy a home?

  FHA allows 3.5% down with a 580 or higher score, and conventional loans generally start around 620. VA has no VA-set minimum, though lenders set their own. If you are below those, a lender can often show you what to fix first.

• How long does it take to close on a home?

  Many purchases close in about 30 to 45 days after the contract is signed, depending on the appraisal, the program, and how quickly documents come in. Some close faster; complex files can take longer.

• Are closing costs separate from the down payment?

  Yes. Closing costs cover lender fees, the appraisal, title and attorney fees, recording, and prepaid taxes and insurance. The seller can often contribute toward them within program limits.

• Can I buy a home with student loans or other debt?

  Usually, yes. Lenders look at your debt-to-income ratio, meaning your monthly debts including the new house payment compared with your gross monthly income. Each program has its own way of counting student loan payments.

• What is the difference between a mortgage broker and a bank?

  A bank offers its own loan products. As a broker with NEXA Mortgage, I can shop 300+ lenders for the program and pricing that fit your situation, and I stay your point of contact from start to finish.

• Is there help with the down payment in NC, SC, or Georgia?

  Yes. The down payment assistance I can place is the Chenoa Fund on an FHA loan. Each state's housing agency also offers a program with its own rules on income, credit, and price, offered only through participating lenders that I confirm for your file. My down payment assistance guides cover the Chenoa Fund, NCHFA in North Carolina, SC Housing in South Carolina, and Georgia Dream.

Sources: Fannie Mae Selling Guide; FHA Handbook 4000.1; VA Lender's Handbook (Pamphlet 26-7); USDA Handbook HB-1-3555; CFPB TILA-RESPA Integrated Disclosure rule.

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

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