Mortgage Loan Programs

Conventional Loans

Conventional loans are not government-backed, but they're one of the most widely used mortgage options for buyers with good credit and a stable income. They offer flexibility in loan terms and property types, and often come with competitive interest rates for well-qualified borrowers.

They're a strong choice if you have solid credit history, a reasonable down payment, and want flexibility in what you're buying.

• Available for primary homes, second homes, and some investment properties
• Fixed and adjustable rate options typically available
• Various down payment options depending on qualification
• May allow cancellation of private mortgage insurance (PMI) once sufficient equity is reached
• Loan limits apply — ask about current Horry County limits

FHA Loans

FHA loans are insured by the Federal Housing Administration and are designed to help more people access homeownership — particularly first-time buyers and those with less-than-perfect credit. They typically offer more flexible credit and down payment requirements than conventional loans.

If you're a first-time buyer or rebuilding your credit history, an FHA loan is often worth exploring.

• Government-insured loan with more flexible credit requirements
• Lower down payment requirements for qualifying borrowers
• A strong option for first-time homebuyers
• Mortgage insurance premium (MIP) is required for the life of the loan in many cases
• Loan limits apply based on county — Horry County limits apply

VA Loans

VA loans are one of the strongest mortgage benefits available to eligible veterans, active-duty service members, and surviving spouses. Backed by the U.S. Department of Veterans Affairs, they can offer significant advantages for those who qualify — and the Myrtle Beach area has a strong veteran population that uses them regularly.

If you've served or are currently serving, a VA loan is absolutely worth understanding before you explore other options.

• No down payment required for qualifying borrowers
• No private mortgage insurance (PMI)
• Competitive interest rates for eligible borrowers
• Available for primary residence purchases
• Eligibility is based on military service — we can help you understand your Certificate of Eligibility
• Funding fee may apply (can sometimes be financed)

USDA Rural Housing Loans

USDA loans are backed by the U.S. Department of Agriculture and are available in eligible rural and suburban areas — including parts of coastal South Carolina that qualify. They can be a great option for buyers who meet income and location requirements.

Some areas around Conway, Little River, and other inland coastal SC communities may qualify. It's worth checking eligibility for your target area.

• Zero down payment option for qualifying borrowers
• Property must be in a USDA-eligible area (many coastal SC communities qualify)
• Income limits apply based on household size and location
• Guarantee fee and annual fee apply (comparable to FHA MIP)
• Primary residence only

Jumbo Loans

Jumbo loans are for loan amounts that exceed conventional conforming loan limits. Along the coast — especially in resort and beachfront communities — higher home prices sometimes require jumbo financing. These loans carry their own qualification standards.

• Available for home prices exceeding conforming loan limits
• Typically requires stronger credit, income documentation, and reserves
• Down payment requirements vary by lender and program
• Fixed and adjustable rate options may be available
• A good fit for luxury coastal and beachfront properties

Rate & Term Refinance

If you already own your home, refinancing could help you lower your interest rate, reduce your monthly payment, change your loan term, or switch from an adjustable rate to a fixed rate. Whether refinancing makes sense depends on your current rate, loan balance, how long you plan to stay, and closing costs.

Our Refinance Break-Even Calculator can help you estimate whether it's worth it.

• Lower your interest rate if market rates have improved since your original loan
• Shorten or lengthen your loan term
• Switch from adjustable to fixed rate for payment stability
• Qualification requirements similar to purchase loans
• Closing costs apply — break-even timeline matters

Cash-Out Refinance

A cash-out refinance lets you tap into your home's equity by refinancing for more than your current loan balance and receiving the difference in cash. Many homeowners use it for home improvements, debt consolidation, major purchases, or other financial goals.

It's not right for every situation — but if you have significant equity and a good use for the funds, it can be worth exploring.

• Access your home equity without selling
• Funds can be used for home improvements, debt, or other needs
• Typically replaces your existing mortgage with a new, larger loan
• Cash-out VA refinance (IRRRL alternative) available for eligible veterans
• Qualification and equity requirements apply

Investment Property Loans

Coastal South Carolina has a strong market for investment properties, short-term rentals, and second homes. Financing these properties works differently from primary residence loans — typically requiring larger down payments and carrying different rate structures.

Whether you're looking at a long-term rental, a vacation rental, or a second home, we can walk through what financing might look like for your situation.

• Financing for rental properties, short-term rentals, and second homes
• Typically requires larger down payment than primary residence
• Interest rates may be higher than primary residence loans
• Strong local knowledge of Myrtle Beach/Grand Strand rental market
• Conventional and portfolio loan options may be available

Borrowers with Credit Challenges

If your credit isn't where you'd like it to be, you may still have options — or we can help you understand what steps to take to get there. Not everyone is ready to buy today, and that's okay. Some borrowers benefit from a few months of preparation before applying.

FHA loans, for example, may accommodate lower credit scores than conventional loans. And some situations that appear complicated can be less of an obstacle than you might expect.

• We'll give you an honest assessment of where you stand
• FHA loans may be an option for lower credit scores (subject to qualification)
• We can help you understand what's impacting your score and how to address it
• No judgment — just practical guidance on what your path looks like