Buying your first home can feel like everybody suddenly expects you to understand mortgages, closing costs, inspections, contracts, and about 47 new acronyms overnight. You don’t. That’s the whole point of having people around you who do this every day.
If you’re buying around Columbia, Lexington, Irmo, Lake Murray, or the surrounding Midlands, there are a few things I’d want you to know before you start falling in love with houses online.
How Much Down Payment You Actually Need
The 20% down myth is still out there, and it stops more first-time buyers than it should. Some conventional loans allow as little as 3% down, and FHA loans can go as low as 3.5%. VA loans often require no down payment for eligible veterans and service members, and USDA loans offer no-down-payment financing in eligible areas (eligibility is address-specific, so that’s a conversation for your specific property, not a blanket claim about the Midlands).
South Carolina also has down payment and closing-cost assistance programs through SC Housing. Which programs are available, how much assistance they offer, and who qualifies can change throughout the year, so this is one area where I don’t like giving buyers a number from an old blog post and pretending it still applies. I’d rather check the current options with you and connect you with an approved lender who can tell you exactly what you qualify for.
Getting Pre-Approved Before You Start Touring
Different lenders use the terms “pre-qualification” and “pre-approval” differently, so the label matters less than what the lender actually reviewed. Some letters are based largely on information you provide, while others involve a deeper review of your income, assets, debts, and credit. Either way, if you’re financing your purchase, talking with a lender early helps you understand your realistic price range and puts you in a much better position when it’s time to write an offer. When you’re writing a financed offer, having a solid lender letter ready can make a big difference.
Plan on pulling together pay stubs, W-2s or tax returns, and a couple months of bank statements. Credit requirements vary by program and lender, so rather than quote you a single magic number, I’d rather get you in front of a lender early who can tell you where you actually stand. It’s worth getting quotes from at least three lenders since rates and fees can vary more than people expect. I wrote more about not letting rate anxiety stall your timeline in Stop Waiting for the “Perfect” Mortgage Rate to Buy a Home.
What a Buyer’s Agent Actually Does for You
A buyer’s agent does a whole lot more than unlock doors. I’m there to help you evaluate properties, ask the questions you may not know to ask yet, structure and negotiate your offer, keep track of contract deadlines, and coordinate with the lender, inspector, closing attorney, and listing side all the way through closing.
In most cases, buyers now sign a written agreement with their agent before touring homes together (an open house you visit on your own is typically an exception). That doesn’t automatically mean you’ll be writing your agent a separate check at closing. Depending on the property and the offer, compensation can still be negotiated with the seller as part of the transaction. The important part is that we talk about it before we ever get to that point, so you know exactly what you agreed to and what the options are.
I broke this down in more detail in What the NAR Settlement Means for South Carolina Home Buyers if you want the full picture.
Mistakes I See First-Time Buyers Make
The two biggest: waiting for the “perfect” house or the “perfect” rate, and skipping the home inspection to seem more competitive. I get the instinct on both, but an inspection is one of the smartest upfront costs in the whole transaction, especially on older homes in established Columbia neighborhoods where roofs, HVAC systems, and foundations have had decades to develop character.
Also budget for closing costs separately from your down payment. They typically run somewhere around 2% to 5% of the purchase price depending on your loan and lender, and buyers who forget this end up scrambling right before closing. If you’re looking near Lake Murray, double check flood zone status and HOA rules before you fall for a place. If you’re looking further out toward Lexington or Elgin, ask about new-construction incentives, since builders there sometimes offer their own closing cost credits or rate buydowns. Details like these can change your monthly payment more than people expect.
Frequently Asked Questions
How much down payment do I need to buy a house in South Carolina?
It depends on the loan type. Some conventional loans allow as little as 3% down, FHA can go as low as 3.5%, and VA or USDA loans can allow 0% down for buyers who qualify.
What credit score do I need for a first-time home loan?
It varies by loan program and lender rather than one fixed number. The most useful step is getting pre-approved early so a lender can tell you exactly where you stand.
Are there down payment assistance programs in South Carolina?
Yes, through SC Housing, though which programs are active and what they offer changes throughout the year. I’d rather check current options with you than quote you something that may already be outdated.
How long does closing take in the Midlands?
Once you’re under contract, 30 to 45 days is typical, depending on your lender, the appraisal timeline, and whether any repairs come up during inspection.
Do I have to pay my buyer’s agent out of pocket?
Not necessarily. Your buyer agreement spells out what you’ve agreed to pay your agent, but you can still ask the seller or seller’s agent to cover some or all of that amount as part of the transaction. We’ll talk through that before you write an offer so you know exactly what your options and potential costs are.
Ready to Start Looking?
If you’re a first-time buyer trying to figure out where to even start, let’s talk it through. No pressure, no obligation, just a straight answer about what’s realistic for your budget and timeline.
Call or text me at 803.784.4249.
Images in this article are AI-generated and do not depict specific clients, properties, or listings.
Find more Midlands real estate tips at @SmartandSavvyMoves.
Savannah Hill, REALTOR® | Jeff Cook Real Estate | LPT Realty
Serving buyers and sellers across Columbia, Lexington, Irmo, Ballentine, Chapin, Lake Murray, Aiken, and the surrounding Midlands.
