Anderson County, SC
First-time home buyers in Anderson
Anderson is one of the more genuinely reachable first purchases within range of the I-85 corridor, and the reason is not only price. A large share of the county qualifies for zero-down USDA financing, which is the most underused program in the upstate.
Two beliefs get in the way: that 20 percent down is required, and that your maximum approval is your budget. Neither is true. Here is what buying a first house here actually takes.
Updated
At a glance
- Minimum down
- 0% USDA and VA · 3.5% FHA · 3% conventional
- Typical closing costs
- 2–5% of price, often partly seller-paid
- Credit floor
- ~620 conventional · ~580 FHA
- USDA
- Much of the county outside the city
- Timeline
- 24 hours to pre-approval, 21–35 days to close
Start with the USDA question
A guaranteed USDA loan is zero down, with an annual fee lower than FHA’s mortgage insurance, and it is not restricted to first-time buyers. Eligibility is decided by the property address and by household income for your household size. Much of Anderson County outside the city sits inside the eligible area, and most buyers here have never had it explained to them.
Two caveats worth stating. The maps are revised from time to time, so an address that qualified three years ago should be rechecked. And the income limit counts the whole household, not only the people signing the note. Both are five-minute answers — send me an address and a household size.
The 20 percent myth, retired
Conventional loans start at 3 percent down for qualifying first-time buyers and 5 percent otherwise. FHA starts at 3.5 percent. VA and USDA can be zero for eligible buyers and properties. Twenty percent avoids mortgage insurance — it has never been a requirement to qualify.
| Program | Minimum down | Mortgage insurance | Best when |
|---|---|---|---|
| USDA | 0% | Annual fee, lower than FHA | The address is eligible |
| VA | 0% | None | You are an eligible veteran |
| FHA | 3.5% | Usually for the life of the loan | Thinner credit, tighter ratios |
| Conventional | 3–5% | Removable at 20% equity | Credit in the 700s |
Minimums by program. Actual eligibility depends on credit, debt ratios, property type and location.
The tax figure on the listing is probably not yours
South Carolina assesses an owner-occupied primary residence at a lower ratio than a second home or a rental, and primary residences receive relief from part of the school operating tax. If the house you are buying was a rental, the taxes on the listing reflect the seller’s classification rather than yours. Taxes reach your payment through escrow, so I estimate from a properly classified figure — and after closing, filing for the owner-occupied classification with the county is on you.
Older houses, and what the appraiser will flag
FHA, VA and USDA all impose minimum property condition standards, applied by the appraiser: peeling paint on pre-1978 housing, an active roof leak, missing handrails, exposed wiring, a non-functioning system. Downtown Anderson and the older streets have plenty of genuinely old housing. That produces a repair conversation rather than a decline, but it is a conversation about who pays.
On a house that needs real work, a renovation loan is usually the honest answer — one loan covering purchase and repairs, underwritten against the value after the work is done. It beats a repair addendum the seller will not sign.
The mistakes that cost first-time buyers their approval
- Financing furniture before closing — a new payment changes your debt ratios at exactly the wrong moment.
- Depositing cash without a paper trail. Move money by transfer so it can be sourced.
- Changing jobs mid-transaction without telling anyone. It is often fine; it is never fine as a surprise.
- Letting a credit card balance spike. Credit is re-checked shortly before closing.
- Assuming a rural address is USDA-eligible, or assuming a city address is not, without checking.
First-time buyers in Anderson mortgage questions.
On an eligible address and within the household income limit, USDA financing is zero down — and if you are an eligible veteran, VA is zero down anywhere. You will still need cash for closing costs and prepaid items, some of which is negotiable with the seller.
It comes down to the specific address and your household income, and the eligibility maps are revised periodically. Send me an address and a household size and you will have an answer the same day, along with what the annual fee does to your payment.
On a zero-down program, closing costs plus prepaid taxes and insurance — commonly 2 to 5 percent of the price before any seller contribution or lender credit. On FHA or conventional, add the down payment. The calculators here will produce a specific figure.
SC Housing runs statewide products, and employer, municipal and non-profit programs exist as well. Terms and income limits are set by the sponsoring agency, and no lender can originate all of them, so ask which are available to you before planning around one.
Programs that fit here
What most Anderson buyers actually use.
From clients
What working with me was actually like.
Unedited reviews from clients and agents. If a review was written while I was with a previous company, it says so — the words are theirs and I am not going to tidy them up.
5.0
45 reviews
Travis went above and beyond to make sure we understood the financial process of buying a home. He was always responsive whenever we had questions.
Travis was fantastic through my loan process! He was available nearly all times of the day and his communication was top notch. He couldn’t have made the experience easier/better.
Travis and his whole Fairway team was wonderful to work with! From the beginning Travis was very friendly and super helpful. He was always available to answer any and all questions that we had, responding to calls and texts right away. He kept us up to date on everything going on with our home loan, and we never had to second guess where we were in the process. As first time homebuyers, we are so thankful that we had the smoothest home buying process thanks to Travis and his team. I would recommend Travis and Fairway Mortgage to anyone looking to purchase or refinance their home. They are the best!!
Travis went above and beyond to get us in our home !! The whole team works great together and their communication is the best I have dealt with . We could not be any happier with the service and care we received !! 10 out of 10 recommendation !!
#1 Choie for any Mortgage first time buy, refi, and Cash out Refi. Great customer service, responds to every call and text, knowledgeable and experienced, Excellent at communication before performing task to his clients. Answers any questions in a perfessional manner.
Travis and his team are just absolutely wonderful. We just closed on our new house and he was with us every step of the way. This is the 4th time we have used him as our lender over the years and he never disappoints. He is consistent with his knowledge but does it in a way that you feel like you are old friends with him. I tell everyone I know looking to buy a home to call him. I honestly know they will get the same amazing care my husband and I receive by working with him. Can’t say enough good things about him…. If you are looking to buy I highly suggest you reach out to him and his team!
This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval.
Fairway Independent Mortgage Corporation is not affiliated with any government agencies. These materials are not from HUD, VA, USDA or FHA, and were not approved by HUD, VA, USDA or any other government agency.
Equal Housing Opportunity. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Next step
Buying in Anderson? Start with the number.
A documented pre-approval takes about 24 hours from a complete document set, and it tells you exactly what you can offer in Anderson — plus what closing day costs.