I’m Travis Buis, a loan officer with Elite Home Lending here in Myrtle Beach. First-time buyers are most of who I talk to, and the Grand Strand throws a few things at you that a guide written for anywhere else won’t mention.

Here’s what actually decides how your first purchase goes here.

What should a first time home buyer in Myrtle Beach do first?

Get pre-qualified before you look at a single house. Pre-qualification is a first look at your income, debts and credit that tells you what price range makes sense. It takes one conversation, and it keeps you from falling for a house you can’t finance.

You’ll also hear the term pre-approval. That’s the next step, where I verify your documents instead of taking your word for the numbers. Neither one is a final approval. That comes from underwriting, once you have a contract and the property checks out.

How much does my credit score matter?

It decides which programs you can use and how your loan is priced. Each program sets its own minimum score, and a higher score usually means a better rate and cheaper mortgage insurance.

What surprises people is how easy it is to hurt your score in the middle of a purchase. Between pre-qualification and closing, don’t open new credit cards, don’t finance furniture or a car, and don’t co-sign for anyone. Lenders often check your credit again right before closing.

Which loan programs do first-time buyers use?

• Conventional: a loan that follows Fannie Mae and Freddie Mac rules. It works well with solid credit, and the mortgage insurance can come off once you build enough equity.
• FHA: a loan insured by the Federal Housing Administration. It’s more forgiving on credit, and it carries its own mortgage insurance.
• VA: for veterans, active duty service members and some surviving spouses, with no monthly mortgage insurance.
• USDA: for homes in eligible areas, with household income limits. More of Horry County qualifies than people expect.

Most of these ask for less cash up front than first-time buyers assume. My low down payment options page walks through how each one works.

What happens between the offer and the keys?

1. Offer and contract. Your agent writes the offer. Once it’s accepted, the contract dates start running.
2. Loan Estimate. Within three business days of your application, you get a Loan Estimate, a standard form showing your rate, fees and cash to close.
3. Inspection and appraisal. The inspection is for you. The appraisal is for the lender, to confirm the house is worth what you’re paying.
4. Underwriting. The underwriter, the person who makes the final call on your loan, reviews your documents and may ask for more. Answer those requests quickly.
5. Closing Disclosure. At least three business days before closing, you get the final version of your numbers. Compare it line by line with your Loan Estimate.
6. Closing. In South Carolina, an attorney supervises the closing. You sign, the money moves, and you get the keys.

What is different about being a first time home buyer in Myrtle Beach?

Where do first-time buyers actually end up here?

Mostly inland rather than on the sand. Carolina Forest and Forestbrook carry a lot of first purchases, and Conway, Aynor and Loris stretch your money further still. Surfside Beach and Garden City come up when someone wants to be near the water without oceanfront pricing.

That matters because the loan that fits you often depends on the address. Some of those inland areas qualify for programs the beach doesn’t.

Should I use the builder lender in Carolina Forest?

Sometimes, honestly. Builder incentives can be real, and I’d rather you take a genuinely better deal than take mine. What I want is for you to compare the whole cost rather than the headline. I wrote about how to do that in the builder’s lender question in Carolina Forest.

Is there help with the up-front cash in Horry County?

There is, through South Carolina Housing, and the details move. Some assistance is forgivable if you stay in the home long enough, some is repayable, and eligibility depends on income, the purchase price and sometimes the address.

Because those terms change without notice, ask which tier is open when you’re actually shopping rather than planning around what you read months ago. The current picture is in down payment assistance in Horry and Georgetown counties.

The one thing to do first is get pre-qualified. Not because it commits you to anything, but because a listing agent on the Grand Strand will take your offer more seriously with it than without.

First time home buyer questions

What is the difference between pre-qualification and pre-approval?

Pre-qualification is based on what you tell me about your income, debts and credit. Pre-approval means I’ve verified it with your documents. Neither is a final approval, which comes from underwriting.

Do I need perfect credit to buy my first home?

No. Each loan program sets its own minimum score, and some are more flexible than others. Your score affects your pricing, so it’s worth knowing where you stand before you shop.

Who handles the closing in South Carolina?

An attorney. South Carolina requires an attorney to supervise a real estate closing, so you’ll sign your final documents with an attorney’s office handling the process.