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.

Learn more

Asked

What do you consider the biggest barrier of homebuying?
Let us know