I’m Travis Buis, a loan officer with Elite Home Lending in Myrtle Beach. An FHA loan in Myrtle Beach is the one I reach for most often when a buyer’s credit or savings aren’t where a conventional loan wants them. It works well on the Grand Strand, with a few coastal wrinkles worth knowing before you write an offer.

What is an FHA loan?

It’s a mortgage insured by the Federal Housing Administration, which is part of HUD. Because of that insurance, lenders can be more flexible about credit history and the cash you bring to closing.

It’s a loan for a home you’ll live in as your primary residence. It isn’t for second homes or rentals.

Who is an FHA loan a good fit for?

First-time buyers, people rebuilding their credit, and anyone who has a steady income but hasn’t saved as much as a conventional loan would like. It’s also more forgiving if you carry some other debt.

If your credit is strong and you have a larger down payment, a conventional loan often costs less over time. I’ll run both so you can compare.

What is FHA mortgage insurance?

Every FHA loan carries a mortgage insurance premium, or MIP. It protects the lender, not you, and it’s what makes FHA’s flexibility possible.

There’s an upfront premium, usually rolled into the loan, and an annual premium paid monthly. Depending on your down payment, it may last for years or for the life of the loan. That’s the main trade-off to weigh against a conventional loan.

What does an FHA loan in Myrtle Beach involve?

Can I use an FHA loan on a Myrtle Beach condo?

Only if the building is on FHA’s approved list. FHA keeps its own condo roster, separate from the VA’s and from the rules a conventional loan uses.

There’s also single-unit approval, where FHA signs off on your specific unit instead of the whole building. It’s slower and not certain to come through, so I check the project first rather than counting on it.

How does coastal insurance change what I qualify for?

Wind, hail and flood coverage count in the monthly housing cost underwriting works from. So they change how much you can borrow, not whether you’re eligible. Buyers moving here from inland are usually surprised by those numbers. It’s worth reading how coastal insurance affects what you qualify for before you set a budget.

What is the FHA loan limit in Horry County?

It changes each year. HUD publishes new FHA limits every December, effective January 1, and Horry County has its own figure. Rather than print a number that will go stale, I keep the current one in conforming and FHA loan limits in Horry and Georgetown counties.

If an FHA loan looks like your route, get pre-qualified. I’ll tell you what the building and the insurance do to your numbers before you fall for a place.

FHA loan FAQ

What is an FHA loan?

A mortgage insured by the Federal Housing Administration. That insurance lets lenders be more flexible about credit and the cash you bring to closing.

Can I use an FHA loan for a beach rental?

No. FHA loans are for a home you’ll live in as your primary residence, not second homes or rentals.

Does an FHA loan have mortgage insurance?

Yes. There’s an upfront premium and an annual premium paid monthly. How long the annual premium lasts depends on your down payment.

Can I buy a Myrtle Beach condo with an FHA loan?

Only if the building is FHA-approved, or if the individual unit gets single-unit approval. I check the project before you make an offer.