Your first home
on the Grand Strand.

No. Horry County is designated as a targeted county by SC Housing. In targeted counties, the first-time buyer requirement is replaced by a simpler rule: you must not currently own a home or have any ownership interest in a home at the time your loan closes. This opens the programs to a broader pool of buyers than non-targeted counties.

Through SC Housing programs, qualified buyers can access forgivable down payment assistance at 0% interest through the Homebuyer Program, up to 4% DPA through Palmetto Home Advantage, and $10,000 through the Palmetto Heroes program for eligible professionals. Lender in-house programs through BrickWood Mortgage may provide additional options. Note that all DPA programs raise your interest rate by an average of 2 percentage points.

BrickWood Mortgage can originate FHA loans with a credit score as low as 580. SC Housing programs require a minimum of 640. Conventional loans typically require 620 to 640 depending on the loan program. If your score is below 580, a BrickWood loan officer can provide a personalized credit improvement plan before you apply.

For FHA loans in Horry County, total closing costs typically run 3 to 5% of the purchase price. This includes the FHA upfront mortgage insurance premium (1.75% of the loan amount, which is often rolled in), lender fees, SC deed stamps ($3.70 per $1,000), attorney fees ($400 to $1,000), title insurance, and prepaid items. For conventional loans, closing costs run 2 to 4% without mortgage insurance upfront. In both cases, sellers can contribute toward your closing costs, which is a common negotiation point in the current buyer's market.

No, not for a standard FHA loan. Homeownership counseling is only required when you are using a down payment assistance program, such as SC Housing DPA programs, or when the loan has other high-risk features. If you are buying with an FHA loan at the standard down payment and without DPA, no counseling course is required.

Yes, but the process is more complex than purchasing a single-family home. The condo building must either be on the FHA-approved condo list or go through what is called an FHA condo spot approval. A spot approval is possible but takes additional time during underwriting and adds complexity to the transaction. In rare cases, a building or unit may not meet FHA conditions and can be denied during underwriting. Your lender will check FHA condo approval status early in the process. We check this before you make an offer on any condo if you are using FHA financing.

Conway is the most affordable area in the metro with single-family homes starting around $185,000. Longs and Loris offer new construction under $300,000 with Horry County's more permissive zoning. Forestbrook and Socastee offer mid-range options between $220,000 and $420,000 with larger lots than Carolina Forest at similar prices.

All SC Housing DPA recipients must complete a homebuyer education course before loan approval. Your lending partner will set this up for you. The course covers budgeting, the mortgage process, insurance, and homeownership responsibilities. It is typically completed online in a few hours and is free or low cost.

Down payment assistance programs raise your interest rate by an average of 2 percentage points. If you qualify for a 7% rate without DPA, you should expect approximately 9% with DPA. Before enrolling, confirm with your lender that your income supports the higher monthly payment. Taking DPA you cannot afford to carry is one of the most common first-time buyer mistakes.

First-time buyers often qualify for more than they should spend. Buying at the top of your qualification leaves no room for unexpected expenses: insurance increases, HOA special assessments, maintenance, or a change in income. A conservative rule is to keep your total housing payment under 28% of gross monthly income.

Pre-approval tells you exactly what you can afford and signals to sellers that you are a serious buyer. In a competitive price range, sellers routinely reject offers from buyers who have not been pre-approved. Get your pre-approval before you start touring, not after you find a property you love.

Down payment assistance covers your down payment, not your closing costs. In South Carolina, closing costs run 2 to 4% of purchase price and include deed stamps ($3.70 per $1,000), attorney fees, title insurance, and recording fees. Some DPA programs allow the assistance to be applied to closing costs as well, but you need to confirm this with your lender early in the process.