FHA · First-Time Buyer · GA & SC
Buy Your First Home With as Little as 3.5% Down
Credit scores as low as 580 may qualify. No judgment — let's find a path to homeownership. We'll show you FHA side-by-side with Conventional so you know which one truly fits.
3.5% down minimum
FHA's signature low down payment for primary residences.
Credit from 580 considered
Lower scores reviewed with compensating factors.
DPA programs
Georgia Dream and SC Housing assistance options.
FHA vs. Conventional comparison
Real numbers — not generic charts.
30+
Years closing loans in the CSRA
NMLS# 148371
License
GRMA# 5819
State authority
Equal Housing Lender
Required disclosures honored
How it works
Three steps to your first set of keys.
Check eligibility
A quick, no-credit-pull conversation about your goals, budget, and timeline. We tell you honestly where you stand on FHA.
Get pre-approved
We verify the details and put a real pre-approval letter in your hands so you can shop and make offers with confidence.
Close on your home
Local underwriting in Augusta — no call center. We handle the FHA paperwork and walk you to the closing table.
FHA vs. Conventional
Which loan actually fits you?
FHA is not automatically the cheapest option — for some buyers Conventional wins. Here is the honest side-by-side. We will run your real numbers before you decide.
| FHA Loan | Conventional Loan | |
|---|---|---|
| Minimum down payment | 3.5% (580+ credit) | 3–5% for many buyers |
| Typical minimum credit | 580 (lower considered) | Usually 620–680+ |
| Mortgage insurance | MIP — upfront + monthly, usually for the life of the loan | PMI — cancels around 20% equity |
| Gift funds for down payment | Allowed | Allowed |
| Best fit | Lower credit or smaller down payment | Stronger credit, wants to drop MI later |
General guidance, not a commitment to lend. Your specific terms depend on credit, property, and program guidelines. Compare on the Conventional page →
Down payment assistance
You may need less cash than you think.
Between FHA's 3.5% minimum, eligible gift funds, and state assistance programs like Georgia Dream and SC Housing, many first-time buyers get to closing with far less out of pocket than they expected.
Program rules and funding change throughout the year. We will check what you actually qualify for today — for your county and price range.
Common questions
Can I really qualify with a 580 credit score?+
FHA allows scores as low as 580 for the 3.5% down option, and lower scores are reviewed case by case with compensating factors. We will look at your full picture — not just the number — before telling you where you stand.
What is MIP and how long does it last?+
FHA loans carry a mortgage insurance premium (MIP): a one-time upfront premium plus a monthly amount. On most FHA loans it stays for the life of the loan. A common long-term move is to refinance into a conventional loan once you have ~20% equity to drop mortgage insurance — we will map that path with you.
Can my down payment be a gift?+
Yes. FHA allows your entire down payment to come from an eligible gift — typically family. We will tell you exactly what documentation underwriting needs so it goes smoothly.
Is there help with the down payment?+
Possibly. Programs like Georgia Dream and South Carolina Housing offer down payment assistance for eligible buyers. Availability and terms change, so ask us about current programs for your county and price range.
Ready to see if FHA is your path?
One short conversation — no credit pull — and you will know exactly where you stand.
First Choice Mortgage is not affiliated with, endorsed by, or acting on behalf of the Federal Housing Administration (FHA), HUD, or any government agency. This is not a commitment to lend. All loans are subject to credit approval, income verification, and property eligibility. First Choice Mortgage · NMLS# 148371 · Georgia Residential Mortgage Licensee GRMA# 5819 · Equal Housing Lender.