Choosing the right loan type for your Charlotte metro home purchase can feel overwhelming, especially when you're looking at different options for homes in Fort Mill, Waxhaw, and surrounding areas. Let me break down each type so you can make an informed decision. VA loans are hands-down the best deal if you're eligible. Zero down payment, no private mortgage insurance, competitive rates, and flexible credit requirements. If you're a veteran or active military looking at homes in Ballantyne, Indian Land, or anywhere in our area, this should be your first choice

The only downside is the funding fee, but even that can be financed into the loan. FHA loans are great for first-time buyers or those with less-than-perfect credit. You can put down as little as 3.5% and qualify with credit scores as low as 580. The trade-off is mortgage insurance that stays for the life of the loan in most cases. If you're looking at starter homes in areas like Pineville or parts of Fort Mill, FHA might be your best bet to get into homeownership. Conventional loans offer the most flexibility and are often best for buyers with good credit (740+) and stable income

You can put down as little as 3% in some cases, and PMI can be removed once you reach 20% equity. These loans also tend to have better rates for well-qualified borrowers and work well for homes in higher-price areas like Weddington or Marvin. USDA loans offer zero down for eligible rural areas, but most of our Charlotte metro area doesn't qualify since we're pretty developed. The income limits might also be restrictive for our market. Your lender can help you determine which loan type makes the most sense for your situation and the specific area where you want to buy.