Buying a home is one of the biggest financial steps most people will take — and it can feel overwhelming, especially for first-time buyers. Thankfully, Greenville Federal Credit Union is here to guide Greenville County residents through the process with confidence.
How much of a down payment do you need?
A down payment is a lump sum paid upfront, usually a percentage of the home’s purchase price.
While conventional loans often recommend 20%, Greenville Federal Credit Union offers programs with minimum down payments as low as 0–5% through FHA, USDA, and other first-time buyer options. A larger down payment can give you:
- Instant equity in your home
- Greater buying power
- Lower monthly mortgage payments
Understanding mortgage insurance
Private mortgage insurance (PMI) protects lenders if you default on your loan. Many lenders require PMI for down payments under 20%, but Greenville Federal Credit Union generally doesn’t require it unless you borrow more than 90% of the home’s value.
What to know about closing costs
Closing costs can be 3-6% of a home’s purchase price and may include:
- Title insurance
- Home inspections and appraisals
- Lender fees
- Prepaid taxes and insurance
Before you start house hunting
Budget is key. Experts suggest:
- Your mortgage should not exceed 2.5× your annual income
- Monthly payments should be under 30% of your gross income
Greenville Federal Credit Union is ready to answer your questions, review documents, and help you navigate every step from pre-approval to closing.
Ready to find your dream home? The house hunt is on.
Asked
What do you consider the biggest barrier of homebuying?
