Conventional Mortgages in North Charleston, SC
Home Loans Inc. originates conventional mortgage loans in North Charleston, SC — shopping your application across 50+ wholesale lenders to find the best rate on fixed-rate and adjustable-rate conventional programs for purchases, refinances, and investment properties.
Conventional Loan Options for North Charleston Buyers
Conventional mortgages offer the broadest range of terms and structures in the mortgage market — from 3% down programs for first-time buyers to 20%+ down loans that eliminate PMI entirely.
Conventional 97 (3% down): 620+ credit, first-time buyer or co-borrower without ownership interest in 3 years.
Conventional 95 (5% down): standard conventional with PMI, most buyers with 620+ credit.
Conventional 90/10/10 piggyback (10% down): combines a first mortgage at 80% LTV with a second mortgage — eliminates PMI without 20% down. Conventional 80 (20% down): no PMI, typically the lowest available rate.
Fixed terms: 10, 15, 20, 25, or 30 years. ARMs: 5/1, 7/1, 10/1 — useful for buyers who plan to sell or refinance within the ARM's fixed period.
We compare all options side by side for every North Charleston buyer and show you the actual monthly payment difference.
When Conventional Beats FHA
For borrowers with strong credit profiles, conventional loans typically outperform FHA — offering lower total costs over the life of the loan.
Conventional beats FHA when:
-credit score is 700+ and down payment is 10%+ — PMI is cheaper than FHA MIP at this tier.
-The property doesn't meet FHA Minimum Property Requirements but is acceptable for conventional.
-You're buying a second home or investment property — FHA is primary residence only.
-You want to cancel PMI sooner — conventional PMI cancels at 80% LTV, while FHA MIP on post-2013 loans often continues for the life of the loan.
-For buyers with 580-699 credit, FHA often wins because conventional pricing at that credit tier is expensive.
We run both programs simultaneously for every buyer and show you the actual monthly cost comparison so you make an informed decision.
Conventional Investment and Second Home Loans
Conventional loans are the primary financing product for second homes and investment properties in North Charleston and the broader Charleston metro.
Second home: 10% down minimum, must be a reasonable distance from your primary residence and not a rental property. Investment property: 15-25% down depending on property type and number of financed properties. Up to 10 financed Fannie/Freddie properties per borrower.
For investors beyond 10 properties, DSCR and portfolio lenders are required. North Charleston's strong rental market , particularly in the Park Circle corridor and near JB Charleston and NWS makes conventional investment property financing a frequently used product in our market.
Conventional Loan Limits in South Carolina
The standard conforming loan limit in South Carolina for 2026 is $832, 750. Loans at or below this amount qualify for standard conventional Fannie Mae and Freddie Mac financing with the most competitive rates.
Loans above this limit require jumbo financing which we also originate through our wholesale lender network. For properties priced near the conforming limit, we analyze whether a piggyback loan structure produces better overall pricing than a true jumbo loan.
In North Charleston, Summerville, Hanahan, and most Lowcountry markets, the vast majority of purchases fall well within the conforming limit. In Mount Pleasant, Daniel Island, and Isle of Palms, higher-value properties more frequently require jumbo financing.
Q: What credit score do I need for a conventional loan?
A: The minimum is 620 for most conventional programs. However, the best rates and lowest PMI costs come at 740+. Between 620-739 you still qualify but pricing improves meaningfully as your score increases. We pull your credit and show you exactly where you land and what it would take to improve your rate if you're close to a better tier.
Q: How much down payment do I need for a conventional loan?
A: As little as 3% down with the Conventional 97 program for first-time buyers. 5% is the standard minimum for most buyers. 10% eliminates the need for high PMI. 20% eliminates PMI entirely. We model the monthly payment difference between each down payment option so you can decide how much to put down based on your actual numbers.
Q: How long does conventional PMI last?
A: PMI cancels automatically at 78% LTV based on the original purchase price and amortization schedule. You can request early cancellation at 80% LTV. If your home has appreciated significantly, a new appraisal can potentially get PMI removed even earlier. This is one advantage conventional has over FHA — FHA MIP on loans originated after 2013 with less than 10% down stays for the life of the loan.
Q: Can I use a conventional loan to buy an investment property?
A: Yes. Conventional loans are the primary product for investment property financing — requiring 15-25% down depending on property type. For investors who want to qualify on rental income rather than personal income, our DSCR loan program is an alternative worth comparing.
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COMPANY
NMLS: 1281448 | COMPANY NMLS: 1728740
Home Loans Inc: Jason Sharon, Mortgage Broker |
2557 Ashley Phosphate Rd,
North Charleston, SC 29418 |
(843) 569-7283 | www.homeloansinc.com
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