Think about how long you’ll keep the loan
Tell us how long you expect to keep the home and loan. Compare the cash due, ongoing costs and balance you would owe. A lower first payment does not by itself show which choice costs less.
Myrtle Beach · Your home. Your next step.
Myrtle Beach Low Down Payment Loans
Buying a home in Myrtle Beach with a smaller down payment may be possible. Compare FHA, conventional, VA and USDA options with the cash you need to close and the payment you want after moving in. Eligibility and costs differ by loan.
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A smaller down payment can help you keep more cash
You may not need 20% down to buy a home. Several loan options allow eligible buyers to put less down, and some allow no down payment. The choice is about more than getting the keys: keeping cash can help with moving and repairs, while borrowing more can raise your payment and total cost. Compare both before deciding what fits.
Keep a cash cushion
Leave money for moving, repairs, bills and other goals instead of using every dollar at closing.
Explore more than one loan
FHA, conventional, VA and USDA have different rules. Ask which choices fit your finances and the home.
Choose a payment you can manage
Include taxes, insurance, any mortgage insurance or program fees, and HOA dues in the comparison.
Compare two down payments
Ask for written quotes with a smaller and larger down payment. Look at both the cost and savings left over.
The CFPB down-payment guide explains the tradeoff between cash kept and money borrowed.
How to choose a down payment that fits your plans
- Set a home budget and a savings goal. Decide what payment feels comfortable and how much cash you want left for life after closing.
- Ask us to review the loan options. Share your income, debts, savings and home plans. Mention military benefits or an address you want checked for USDA.
- Compare written offers for the same home and loan term. Look at the down payment, loan balance, rate, fees, full payment and total cash due.
- Choose the loan and cash plan together. Confirm which funds are allowed, what records to provide and what the lender still needs to approve before closing.
Use the CFPB Loan Estimate guide to compare written offers. For the full buying process, see our South Carolina homebuying guide.
What costs should you compare?
Closing costs are separate from the down payment
Ask for a full breakdown of loan fees, inspections, taxes, insurance and deposits. Check when you must pay each cost and how deposits count toward closing. A no-down-payment loan does not mean no cash needed.
Include mortgage insurance and program fees
FHA has upfront and ongoing mortgage insurance; conventional loans may require private mortgage insurance. The CFPB insurance guide explains those costs. VA may have a funding fee unless you are exempt, as explained in VA’s fee guide. USDA uses upfront and annual fees; USDA’s fee guidance explains how they work.
Look at what you borrow and what you keep
With less down, you generally borrow more for the same home. Compare the interest, insurance or fees and cash left over using actual offers. Keep room for upkeep and normal bills, not just the first mortgage payment.
How do you choose how much to put down?
Check which help and funds your loan allows
If family may help, ask about gift rules before moving money. If you are exploring assistance, ask which options you can use, whether funds are available and what repayment terms apply. Keep records of where your purchase money came from. The CFPB document guide explains the lender’s funds review.
Ask when mortgage insurance can end
Conventional PMI may be cancelled when the applicable loan, value and payment-history rules are met. It is not the same as FHA insurance or USDA fees. The CFPB PMI-cancellation guide explains why a higher home value does not automatically end every insurance cost.
The minimum down payment is only one requirement
The lender still reviews your credit, income, debts, funds and home. Some programs also have income, home-use, education or location rules. Ask about the full review before counting on an advertised minimum.
Which low-down-payment choices are worth a look?
| Loan choice | What to compare |
|---|---|
Conventional: some options as low as 3% down | HomeReady is one example for eligible buyers, with income and other requirements. Mortgage insurance may apply. Fannie Mae’s HomeReady guide explains the program. Ask which conventional choices we can help you explore. |
FHA: as low as 3.5% down if you qualify | FHA may fit some buyers with smaller savings or credit challenges. Its insurance adds to the cost, so compare the full payment and fees. The CFPB FHA guide explains the basic requirements. |
VA: no down payment for many eligible buyers | Qualifying military service, lender approval and an eligible home are needed. VA does not require monthly mortgage insurance, but a funding fee may apply. The official VA purchase guide explains the benefit and conditions. |
USDA: no down payment for eligible homes and households | The exact address, household income, home use and loan need review. USDA fees still affect the cost. The official USDA Guaranteed guide explains the program; a town name alone does not prove eligibility. |
The people behind your next step
Meet the Beaufort Lending team
Beaufort Lending is a mortgage broker in Port Royal, helping buyers across South Carolina. We shop loans from wholesale lenders, then help you compare payments and closing costs. Our team explains your choices in plain words and helps you see what fits your budget. From your first questions to closing, you have people to turn to for help.
What clients say about working with us
Very knowledgeable about First Time Home Buyer Downpayment Assistance Programs along with 2:1 Buydowns.
His guidance made every step feel manageable, even when the situation changed quickly.
They were clear, knowledgeable, and prompt in answering our questions at all hours.
Other things you might find helpful
Do I have to be a first-time buyer?
Several low-down-payment options serve eligible repeat buyers too. Tell us about any home you own now and how you will use the next one. Some specific programs have their own first-time buyer rules.
Should I wait until I have saved 20%?
Compare the cost of buying now with your rent and savings plan. Waiting may let you borrow less. Buying with less down may fit if you can manage the full payment and keep a cash cushion. Future prices and rates are uncertain.
Can family help with my down payment?
Ask the lender whether a gift is allowed for your loan and which records it needs before money changes hands. The donor, source and transfer may need review. A gift does not remove the rest of the loan requirements.
Can I refinance later to get rid of mortgage insurance?
Ask us to compare that option when the time comes. A new loan would need approval and may have new costs. Choose a payment that works today without relying on a future refinance, rate or home value.
Learning Center
More help with your home plans
Explore the questions that can help with your next decision.
Beaufort · Before you buy
Avoid common homebuying mistakes
Plan the full home payment, loan fees and cash you want left after closing.
Read the guide
South Carolina · Comparing costs
Compare ways to lower upfront costs
Compare a temporary payment incentive with a lower price before making an offer.
Read the guide
Hilton Head Island · Jumbo loan choices
Compare jumbo options on Hilton Head
Considering a condo? This Hilton Head guide covers home use and shared costs; dated market figures are historical.
Read the guideYour next step
Let’s compare your Myrtle Beach down-payment options
Tell the Beaufort Lending team the home price you have in mind, your savings and the payment that feels comfortable. We can help you compare what to put down with what you want to keep.
Benji Gecy, NMLS #302188 · Beaufort Lending, NMLS #1703543 · Equal Housing Lender