A mortgage lender who knows Greenville

The downtown condo problem, explained once

A conventional loan on a condominium is underwritten twice: on you, and on the project. The project review covers the association budget and reserve contribution, the share of units that are owner-occupied, how much of the building is owned by a single entity, deferred maintenance and active litigation. In a mixed-use building it also covers how much of the floor area is commercial, and that limit catches a surprising number of downtown Greenville projects.

A building can be beautifully run, fully occupied and financially healthy and still fail one of those tests. The fix is knowing early: sometimes a different program works, sometimes a larger down payment does, and sometimes the answer is a different building. All three are easier to arrange before your earnest money is committed.

Where Greenville purchases cross into jumbo

Greenville County uses the 2026 baseline conforming limit of $832,750 on a one-unit property. North Main, Augusta Road, Parkins Mill and the newer high-end product cross it regularly. Above the line, underwriting changes character: more documentation, real cash reserve requirements after closing, and pricing that behaves differently from conforming.

It is worth knowing which side of that line you are shopping on before you stretch on price, because a purchase that lands ten thousand dollars over the limit is a materially different loan from one that lands ten thousand under it. There are also structures that keep a larger purchase inside conforming, and they are worth looking at.

Older houses, and financing the work

The historic streets are the reason a lot of people move to Greenville, and they come with knob-and-tube wiring, original plumbing and roofs at the end of their lives. An FHA appraiser applies minimum property standards and will flag peeling paint on a pre-1978 house, an active leak or a non-functioning system; a conventional appraiser may be more forgiving.

Where a house needs real work, a renovation loan finances the purchase and the repairs in one loan, underwritten against the value after the work is done. That is usually a better answer than a repair addendum a seller will not sign, and it is how a lot of the good bones in this city actually change hands.

The full payment, not the principal and interest

Compare quotes on principal, interest, taxes, insurance, mortgage insurance and HOA dues. South Carolina assesses owner-occupied primary residences at a lower ratio than second homes and rentals, and primary residences receive relief from part of the school operating tax — so the tax figure on a listing may reflect the previous owner’s classification rather than yours. Filing for the owner-occupied classification after closing is on you, and it is worth doing promptly.

Programs that get used most here

• Conventional at 3–5% down — the default when credit is in reasonable shape, and the mortgage insurance comes off at 20% equity.
• FHA at 3.5% down — the realistic approval on thinner credit or tight ratios, subject to the property and, on a condo, the project qualifying.
• VA at zero down — the upstate has a substantial veteran population and this beats every alternative for those eligible.
• Jumbo — North Main, Augusta Road and the higher-end product above the conforming limit.
• Renovation — the historic streets, purchase plus repairs in a single loan.
• Construction — one closing covering land, build and permanent financing out toward the county line.
• USDA at zero down — not in the city, but back in play on eligible addresses toward the county edges.