First-Time Homebuyers

Buying your first home? Start here.
Prepare your budget
Figure out how much of a mortgage payment you can carry without stretching your budget too thin.
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Establish your team
This is you, your lender, and your real estate agent. As your lender, we are always here to help.
Get pre-qualified

You will know how much you can borrow while showing sellers you are a serious buyer.
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Are you renting? You could save more by owning.

To own a home, you may simply need help with financing and guidance. This helpful guide shows you if buying a home is right for you at this moment.

Review Our Guide >       Rent Vs. Own Calculator >
Why choose South Carolina Federal Credit Union?

We offer competitive rates and personalized, local service.

Get Pre-Qualified (843) 569-5145
The ins and outs of homebuying.
Buying a home is often one of the biggest financial decisions you will make. Knowing what to expect throughout the process will help prepare you for each step in your homebuying journey.
Our members tell our
story best.
My fiancé and I purchased our first home in June of 2023. Katherine was our loan officer and she was amazing. I highly recommend South Carolina Federal to anyone with a mortgage need!
 
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- Alexis C.
I did a great deal of research first, and found that SC Federal was in the best position to not only get me a great rate, but also to navigate all the other associated costs and concerns. And getting home insurance with Insurance Solutions made it quick and easy to close.
 
- Mary H.

What does homeownership cost?

These common costs are averages and estimates to help you get a sense of what you could pay when buying and owning your home. Please keep in mind, costs vary depending on your home's location, architectural style, and the type of mortgage loan you select from South Carolina Federal.

One-time costs during closing

  • Down payment: 3% or more of the purchase price

  • Closing cost: 2-5% of the purchase price

  • Appraisal fee: $600 - $1,200 estimated

  • Inspection fee: up to $300

  • Lender/processing fee: $1,500 (with South Carolina Federal)

  • Points: 1 point = 1% of the mortgage amount

  • Title Survey: $400

  • Closing attorney fees: $1,500 - $2,000

  • Life-of-Loan flood certificate, credit report, tax services, and Undisclosed Debt Monitoring Alert Fees: $100 - $150

Recurring monthly costs for owing a home

  • Monthly mortgage: varies (use our calculator to estimate the cost)

  • Property taxes: $100 - $300

  • Homeowner insurance: $100 - $250

  • HOA fees, if applicable: $200 - $300

  • Private mortgage insurance (only applies if down payment amount is lower than 20% of the purchase price): based on the loan amount

  • Utilities: up to $300

  • Maintenance and repairs: depends on your property

These estimates are based on a purchase transaction on a single family primary residence for a loan amount of $375,000 and a purchase price of $500,000; resulting in a loan-to-value ratio of 75%.

Mortgage Calculators

Figure out how much you can put away to start saving for a down payment on your home.
Use this calculator to determine the home price and monthly housing cost you can afford.
Figure out how much you can put away to start saving for down payment on your home.
Frequently asked questions
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Yes, you must be a South Carolina Federal Credit Union member to close on a mortgage. Learn more about the benefits of becoming a member. 

You will need to complete a loan application online and provide various documentation including pay stubs, tax documents, bank statements, etc. If you are pre-approved, you will receive a letter that serves as written verification from a lender that you qualify for a specific mortgage amount. 
Applying for a home loan may have a minor effect on your credit score, lowering it by just a few points. However, checking your credit is a necessary step for getting a mortgage. It allows us to show you actual mortgage options and interest rates.
Once your offer is accepted, it is time to apply for a mortgage. But first, you will need to provide some information, including:
•    Your current residence address, or addresses, for the past two years.
•    Social Security numbers for all borrowers.
•    Your employment history for the past two years. You'll need your employer's name, address, and phone number.
•    Income information for all borrowers. You will be asked to include salary, overtime, bonuses, commissions,  interest/dividend, retirement income, and any other regular source(s) of income.
•    The price of the home you are buying, and how much you would like to borrow toward the purchase.
•    The address of the property you are planning to purchase.
•    Bank and brokerage account information, including the institution name and current balances.
•    Information about any real estate that you own, including address, current market value, the amount you      owe, the rental income you receive (if any), and the amount of your monthly payment.
•    Information about your current debts, including the name of the creditor, the account number, the current    balance owed, and the amount of your monthly payment.
It typically takes 30 days to close on your mortgage once you’ve submitted all required paperwork and documents. Careful organization and clear communication between buyer, seller, and lender will ensure a seamless closing. However, closing times vary based on many factors, so check with your mortgage loan officer early in the process to better understand when you can expect to close.
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