I’m Travis Buis, a loan officer with Elite Home Lending in Myrtle Beach. The cash you need up front is the thing that stops most Grand Strand buyers, and there are more routes around it than most people realise.

Which one fits you depends on your service history, your income, and sometimes the address itself.

What low down payment mortgage options are there in South Carolina?

• FHA: insured by the Federal Housing Administration. It’s more flexible on credit and carries its own mortgage insurance. My FHA home loan page has the details.
• Conventional: follows Fannie Mae and Freddie Mac rules. Both agencies have low down payment versions, HomeReady and Home Possible, for buyers under certain income limits.
• VA: for eligible veterans, service members and some surviving spouses.
• USDA: for homes in eligible areas, with household income limits.

The exact amount each program asks for depends on your credit, the price and the property. That’s a question I answer with your numbers in front of me, not with a chart.

How much should I put down?

Here’s what I’d actually do: put down enough to get the loan you want, and keep enough cash to live comfortably in the house. A bigger down payment lowers what you borrow and can shrink or remove mortgage insurance. It also drains the savings you’ll need for moving, repairs and the insurance deductibles that come with living on this coast.

Wind and hail deductibles here are often a percentage of the home’s insured value, not a flat dollar amount. If a storm takes part of your roof in year one, that’s your money, not the lender’s. A cushion isn’t wasted cash.

What does a smaller down payment cost?

Mostly mortgage insurance. It protects the lender, not you, and you pay for it.

• Conventional loans carry private mortgage insurance, or PMI, when the down payment is on the smaller side. It can be removed once you’ve built enough equity.
• FHA loans carry a mortgage insurance premium, or MIP, with an upfront part and a monthly part. On many FHA loans the monthly part lasts for the life of the loan unless you refinance.
• USDA loans have an upfront guarantee fee and an annual fee.
• VA loans have no monthly mortgage insurance, but most borrowers pay a one-time funding fee.

Borrowing more also means paying interest on more. None of that makes a small down payment a bad idea. It just means you should see the full cost next to the alternative before you choose.

What low down payment options work in Horry County?

Which programs should I be looking at?

It depends on who you are. Veterans and active duty service members have the strongest route available to them. Buyers looking inland toward Aynor, Loris or the edges of Conway may find the address itself unlocks a program the beach doesn’t offer. Everyone else is usually choosing between conventional and FHA.

I’d rather walk you through which of those you actually qualify for than have you guess from a chart. The differences between them are bigger than the marketing suggests.

Is there assistance available in Horry and Georgetown counties?

Yes, through South Carolina Housing, and the structure matters more than the headline. Some assistance is forgivable if you stay in the home long enough. Some has to be repaid. Eligibility turns on income, purchase price and occupancy, and the open windows change without notice.

So ask which tier is actually open when you’re shopping rather than planning around something you read last spring. The current picture is in down payment assistance in Horry and Georgetown counties.

What is the trade-off?

Usually mortgage insurance. PMI is a premium that protects the lender, not you, and it’s what makes a smaller up-front contribution possible on a conventional loan. It isn’t permanent on every program, and knowing when it comes off is part of choosing well.

That trade is often worth making. Waiting years to save while prices move is its own cost, and I’d rather show you the honest comparison than talk you into either side of it.

If this is your first purchase, start with the first-time buyer walkthrough, then get pre-qualified and we’ll find which door is actually open to you.

Low down payment mortgage questions

Can I buy a home in South Carolina without a big down payment?

Yes, several programs are built for that. FHA, VA, USDA and some conventional loans ask for less cash up front than many buyers expect. Which ones fit depends on your credit, income, service history and the property.

Is mortgage insurance required with a low down payment?

On most loans, yes. Conventional loans carry PMI, FHA loans carry MIP, and USDA loans have guarantee fees. VA loans are the exception, with a one-time funding fee instead of monthly mortgage insurance.

Can I get help with my down payment in Horry County?

Sometimes. SC Housing runs down payment assistance programs with income and price limits, and they open and close without much notice. Ask me what’s available the week you’re ready to buy.