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There are lots of great loan options available for first-time homebuyers designed to make buying your first home easier and more affordable. Here are some of the most popular programs:

• FHA Loans: A popular choice with low down payments options and flexible credit requirements.
• Conventional Loans for First-Time Buyers: Programs like HomeReady and Home Possible let you buy with a low down payment and sometimes reduced insurance costs.
• VA Loans: If you’re a veteran or active-duty service member, VA loans offer up to 100% LTV financing, and no private mortgage insurance.
• USDA Loans: If you’re buying in certain rural areas, you may qualify for a USDA loan with up to100% LTV financing.

“Up to 100% LTV financing” refers to a loan option where the loan amount may equal the full value or purchase price of the home, meaning a down payment may not be required for qualified buyers.

LTV, or loan-to-value, is the percentage of a home’s value that is being financed through a mortgage. For example, if a home is valued at $300,000 and the loan amount is $300,000, the LTV would be 100%.

Loan programs that allow higher LTVs are subject to eligibility, underwriting, and program guidelines, and not all borrowers will qualify.

Some loan programs may allow qualified buyers to purchase a home with little to no money down, which can be helpful if you haven’t saved a large down payment. Availability and eligibility vary by program and borrower. Here’s a general overview:

• VA Loans:
  Available to eligible veterans, active-duty service members, and certain surviving spouses. VA loan programs may allow financing with higher loan-to-value ratios and do not require private mortgage insurance (PMI).
• USDA Loans:
  Designed for homes in eligible rural and some suburban areas. USDA loan programs may allow qualified buyers to purchase with minimal upfront investment, subject to income limits and property eligibility requirements.
• SC Housing Programs:
  South Carolina Housing offers down payment assistance programs for qualified homebuyers. These programs can help offset upfront costs and are often used in combination with FHA or conventional loan options.

Program terms, eligibility requirements, and availability vary. Not all applicants will qualify.

Rates can vary depending on several factors, such as the type of loan, your credit profile, the property details, and your down payment. Because market rates change daily, the best way to get an accurate quote is to chat with one of our loan specialists who can review your situation and provide today’s rates for the options that fit your needs.

Many people are wondering the same thing! Interest rates are influenced by a variety of factors, including the broader economy and decisions made by the Federal Reserve. While some experts believe rates could trend down if inflation continues to improve, it’s hard to predict exactly when or how much they’ll change.

Deciding when to lock your interest rate can feel a bit tricky, but we’re here to help.

• There are several options on when to lock your rate but typically this is done approximately 30-45 days prior to your scheduled closing date.
• After your offer is accepted: Most people lock their rate once their home purchase offer is accepted and they’ve started the loan process. This helps protect you from market changes.
• If rates are rising: If interest rates seem to be going up, locking sooner can help ensure you get the rate you want.
• When you’re comfortable: Some people wait to see if rates improve, but there’s always some risk involved. Locking gives you peace of mind that your rate won’t jump while your loan is being processed.
• Talk with your loan advisor: We’re happy to watch rates for you and help you decide the best time to lock based on your closing timeline and market conditions.

If another lender is offering you a better interest rate, but the seller’s contribution (help with closing costs) is tied to using HQ Mortgage – it’s important to look at the full picture:

• Seller’s Credits May Change: Sometimes, sellers only offer these contributions or concessions if you use a specific lender or if certain terms are met. If you switch to another lender, the seller might not provide the same help with your closing costs.
• Compare Total Costs: Look at the interest rate, lender fees, and any closing cost help you’d receive. A lower rate might save you money monthly, but losing the seller’s contribution could increase your out-of-pocket costs at closing.
• Let us know: Share the details with us! Sometimes we may be able to match or even beat the competing offer or explain how our overall package might still save you money.
• Compare the full offer: It’s important to look beyond just the interest rate. Some lenders offer lower rates but higher fees or less favorable terms. Check the closing costs, loan terms, and any points or credits.
• Ask questions: If you’re unsure, ask us to review the competing offer with you. We’re happy to walk through both offers and highlight the key differences.
• Transparency: Our goal is to help you make the best decision for your situation, even if that means pointing out important details in another lender’s offer

We want to make sure you get the loan program that truly fits your needs. Our team reviews all the options available, including different loan types, and special programs to recommend what works best for your goals and financial situation.

If at any point you’d like to compare other programs, see what else is out there, or just double-check, let us know! We’re here to answer your questions and make sure you feel confident and comfortable with your choice. Your satisfaction is our top priority, so we’re happy to walk through all the options together.

Your total out-of-pocket costs for your mortgage can include several things, and they can vary depending on the type of loan, your down payment, and other factors. Typically, you can expect:

• Down Payment: This is the amount you pay up front toward your home purchase. Depending on your loan program, this could range from 0% to 20% of the purchase price.
• Closing Costs: These include fees for things like your appraisal, title insurance, lender fees, and escrow. Most buyers pay between 2% and 5% of the home’s purchase price.
• Prepaid Items: You may need to pay for things like your first year of homeowner’s insurance and property taxes in advance.

If the appraisal was completed before construction finished, a final inspection may be required to confirm the home is complete and ready before closing.

The builder’s closing coordinator will confirm your closing date and time once construction is complete. The attorney’s office will provide secure wiring instructions, always verify details by phone to avoid wire fraud.

You’ll receive an email from the paralegal at the attorney’s office with your closing details, including the time, date, and location. You’ll also receive wiring instructions in a separate message sent through a secure, encrypted system.

Important: Wire fraud is common, always call the attorney’s office using a trusted phone number to confirm wiring instructions before sending any funds.