An FHA Home Loan may get you into a home with a low down payment.

Affordable Financing for First-Time & Credit-Challenged Buyers

Buying a home in the Carolinas or Florida doesn’t have to be out of reach — even if you’re working with a limited down payment or a modest credit score. An FHA home loan can offer a more accessible path to homeownership by lowering the traditional barriers many buyers face.

Let’s break down how FHA loans work, who qualifies, and why they’re one of the most popular options for first-time and repeat buyers.

🔍 What Is an FHA Loan?

An FHA loan is a mortgage that’s insured by the Federal Housing Administration and offered by approved private lenders. This type of loan is designed to help more people become homeowners — especially those who may not qualify for a conventional loan due to lower credit or smaller down payments.

With an FHA loan, qualified buyers in Florida, North Carolina, and South Carolina can:

• Put as little as 3.5% down (with a 580+ credit score)

• Benefit from flexible credit requirements

• Secure competitive interest rates through FHA-approved lenders

📢 The Local Ledger is not affiliated with or acting on behalf of the FHA or any government agency. We help connect buyers with FHA-approved lenders who offer these programs.

✅ Who Can Benefit from an FHA Loan?

FHA loans are ideal for:

• First-time homebuyers

• Buyers with credit scores as low as 500

• Renters transitioning to homeownership

• Individuals rebuilding credit

• Those without 20% down saved up

🧾 FHA Loan Requirements

Here’s what you’ll need to qualify for an FHA loan:

• Minimum credit score:

  • 580+ for 3.5% down

  • 500–579 requires 10% down

• Primary residence only:
  You must live in the home within 60 days of closing

• FHA-approved property:
  The home must meet safety and livability standards

• Steady employment and verifiable income

• Acceptable debt-to-income ratio (DTI):
  Typically 43% or lower, but higher with compensating factors

• Appraisal by an FHA-approved appraiser

💵 FHA Down Payment & Closing Cost Rules

FHA loans allow gift funds and assistance programs to help cover down payments or closing costs. Acceptable sources include:

• Family gift letters

• Employer assistance

• Government down payment programs

• Nonprofit grants

In SC, NC, and FL, several county-specific assistance programs pair well with FHA loans — ask us how to qualify locally.

🛡️ FHA Mortgage Insurance (MIP)

FHA loans require Mortgage Insurance Premiums (MIP) to protect lenders.

• Upfront MIP: 1.75% of the loan amount (may be rolled into the loan)

• Annual MIP: Ranges from 0.45% to 1.05% depending on loan term, size, and down payment

Most borrowers must pay MIP for the life of the loan unless they put down 10% or more, in which case it drops off after 11 years.

📍 FHA Loan Limits (2025)

Loan limits vary by county and are adjusted annually by HUD.
Typical 2025 loan limits for one-unit properties:

• Florida: Up to $621,000 in many counties

• North Carolina: Ranges from $498,257 to over $600K in high-cost areas

• South Carolina: Around $498,257 in most markets

🔗 Contact us to find your county’s FHA limit.

💬 Bottom Line: Is an FHA Loan Right for You?

FHA loans make homeownership more achievable — especially if:

• You’re a first-time buyer

• You have less-than-perfect credit

• You don’t have a large down payment saved

• You want access to flexible, low-barrier financing

Whether you’re buying your first home in Columbia, upgrading in Jacksonville, or relocating to Raleigh — we’re here to help you compare your FHA loan options with clarity and confidence.

🚀 Ready to See If You Qualify?

📞 Call us today: 843-640-1820
🔗 Start your FHA loan application now