Greenwood, Newberry and Laurens Mortgages: USDA Zero-Down, FHA and Palmetto Home Advantage — Palmetto Passage
Updated October 2026
A buyer in Greenwood, Laurens, Newberry or Abbeville may have several ways to reduce upfront cash, but the right option depends on the address, household income and property condition. Start by comparing USDA, FHA and conventional financing alongside South Carolina assistance rather than assuming the smallest down payment always produces the lowest total cost.
Put three financing paths side by side
| Financing path | Main affordability question |
|---|---|
| USDA | Does the address qualify, and does household income fit? |
| FHA | How do the down payment and mortgage insurance affect cost? |
| Conventional | How do credit, down payment and mortgage insurance interact? |
USDA financing can offer zero down payment for eligible borrowers and properties. Zero down does not mean zero closing costs; insurance, escrow deposits and transaction charges still need a funding plan. A rural-looking property is not proof of eligibility.
FHA can accommodate a low down payment, but include upfront and annual mortgage insurance in the comparison. The 2026 FHA floor is $541,287 for a one-unit home; verify the property's county through HUD FHA Mortgage Limits. The Charleston-North Charleston metro has elevated limits above that floor, which should not be applied to a Lakelands purchase.
Conventional loans have a $832,750 baseline conforming limit statewide in 2026. Use the monthly payment calculator to compare equivalent purchase prices and realistic insurance estimates.
Layer assistance carefully
SC Housing offers the Homebuyer Program and Palmetto Home Advantage. Depending on the current product, assistance may take the form of forgivable 0% financing, percentage-based assistance around 4%–5% or fixed-dollar funding. These are not interchangeable benefits available on every mortgage.
Ask about income requirements, approved loan combinations, forgiveness periods and what happens after a sale or refinance. Palmetto Heroes targets eligible groups including teachers, first responders, veterans and nurses when program funding is available.
Compare the assisted mortgage's rate and cash requirement with an unassisted alternative using the closing cost estimator.
Protect affordability after move-in
Qualifying South Carolina primary residences receive a 4% assessment ratio and exemption from all school operating taxes. Non-owner-occupied properties generally use 6%; bills can be roughly 2.5 to 3.5 times higher until qualifying legal-residence treatment is approved. Submit the county application promptly.
For older homes, obtain insurance pricing and investigate roof, electrical, well and septic conditions early. South Carolina requires attorney-supervised closings, so budget attorney charges alongside inspections and escrow funding while keeping a repair reserve intact.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Greenwood, Newberry and Laurens Mortgages: USDA Zero Down, FHA and Palmetto Home Advantage — Compare the 3.5% down option at 580+ FICO with 10% at 500–579, lender overlays, 1.75% upfront MIP and the applicable annual MIP tier.
Historical 2025 one-unit comparison: conforming $832,750; FHA floor $541,287. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
- SC Housing — state housing finance and property tax authority.
- South Carolina Department of Revenue — state housing finance and property tax authority.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.