Conventional loan requirements in South Carolina: PMI, cash, credit, and property fit

No. Some eligible conventional options allow as little as 3% down, but the borrower, income limits when applicable, occupancy, property, loan purpose, automated or manual underwriting, and lender requirements determine the actual option. A down payment below 20% may require private mortgage insurance.

There is no responsible one-number answer for every file. Credit history and score are reviewed with debt, income, assets, occupancy, property, loan-to-value, the selected product, underwriting findings, and any lender overlays. A real review should use the full borrower and property picture.

Federal rules generally allow a borrower to request cancellation when the scheduled balance reaches 80% of the home's original value if the applicable conditions are met, and generally require automatic termination at the scheduled 78% point when the loan is current. Exceptions and investor or servicer requirements can apply, so use the PMI disclosure and confirm with the servicer.

Seller and other interested-party contributions may cover eligible closing costs and prepaid items within current program limits. The permitted amount depends on factors such as occupancy, property type, and loan-to-value. Under Fannie Mae guidance, those contributions cannot fund the down payment, required reserves, or a required minimum borrower contribution.

Not on every file. Reserve requirements can change with occupancy, property type, number of financed properties, loan-to-value, underwriting findings, and the selected product. Cash to close and reserves are separate numbers and should be documented separately.

FHFA's 2026 county table lists a one-unit conforming limit of $832,750 for all 46 South Carolina counties. A loan above the applicable conforming limit is generally a jumbo-loan question and needs a different eligibility and pricing review.