Greenville Conventional Loans
The most popular loan program for Greenville and Carolina corporate buyers — as little as 3% down, with PMI that cancels once you hit 20% equity.
Conventional loans dominate the Greenville mortgage market and most NC metros (Charlotte, Raleigh, Cary, Wilmington). Buyers relocating for BMW, Michelin, Prisma Health, Bank of America, SAS, Cisco, and Atrium Health typically come in with strong credit, stable W-2 income, and a clear preference for the long-term cost advantage of a conventional mortgage over FHA.
What Is a Conventional Loan?
A conventional loan is a mortgage that meets the underwriting standards set by Fannie Mae and Freddie Mac (the “conforming” guidelines) but is not insured or guaranteed by a federal agency. In 2026, the conforming loan limit for most of South Carolina and North Carolina is $806,500.
Why Carolina Buyers Choose Conventional Loans
- As little as 3% down for first-time buyers through HomeReady and Home Possible programs
- 5% down standard for repeat buyers
- PMI cancels at 20% equity (FHA's MIP usually stays for the life of the loan)
- No upfront mortgage insurance (FHA charges 1.75% upfront)
- Lower long-term cost for buyers with 680+ credit
- Better appraisal flexibility than FHA for older or unique homes
Conventional Loan Limits — 2026
- 1-unit conforming limit: $806,500
- 2-unit limit: $1,032,650
- 3-unit limit: $1,248,150
- 4-unit limit: $1,551,250
Above these amounts, you're in jumbo territory — see our Jumbo Loans page.
Who Conventional Loans Are Built For
- Corporate relocators with strong credit moving to Greenville, Charlotte, Raleigh, or Cary for work
- Dual-income couples buying in Five Forks, SouthPark, North Hills, or Hayes Barton
- Move-up buyers who can put 10–20% down to skip PMI entirely
- First-time buyers with 680+ credit who want the lowest long-term cost
- Buyers planning to refinance once rates drop
Conventional Loan Options We Offer
- 30-Year Fixed Conventional — the most popular Carolina mortgage by a wide margin
- 15-Year Fixed Conventional — pay off faster, save tens of thousands in interest
- Conventional 3% Down (HomeReady / Home Possible) — for first-time and low-to-moderate-income buyers
- 5/1, 7/1, 10/1 ARMs — lower initial rate for buyers planning to sell or refinance within 5–10 years
- Conventional Cash-Out Refinance — access equity at conventional pricing
Typical Qualification Guidelines
- Credit score: 620 minimum, with best pricing at 740+
- Debt-to-income ratio: typically up to 45%, sometimes 50% with strong reserves
- Down payment: 3% (first-time), 5% (repeat), or 20%+ to skip PMI
- Stable income — typically two-year employment history (or self-employed documentation)
- Property type: primary residence, second home, or investment property
Related Programs and Areas We Serve
Have a scenario you want to talk through?
Call or text Samantha Payne at (864) 387-8964, email Samantha@openkeymortgage.com. OpenKey Mortgage Advisors LLC. NMLS Company ID 2812158. Samantha Payne, NMLS #2743877. Licensed in South Carolina and North Carolina. Equal Housing Opportunity.
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