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Local lenders brief Beaufort County committee on first‑time buyer loans and down‑payment help
Summary
Coastal States Bank and Pinnacle Financial Partners presented mortgage support and down-payment assistance options to Beaufort County's Affordable Housing Committee, outlining low-down-payment conventional options, a 4.5% down-payment assistance grant (capped at $15,000), and eligibility rules including income caps and credit score minimums.
The Beaufort County Affordable Housing Committee heard presentations from local lenders about financing options for first‑time homebuyers at its September meeting.
Joey Ryan of Coastal States Bank (mortgage division) described the bank's role in preparing prospective buyers for purchase, saying the local housing project will serve households in three income tranches (under 60% of area median income, 60–80% AMI, and up to 100% AMI). Ryan said Coastal can assist with qualifying applicants and noted conventional, FHA and VA options; he said the lender can offer conventional loans with low down payments ("as little as 1% down"), and discussed occasional use of USDA programs that can offer 0% down for eligible properties.
Ryan and committee members discussed timing and outreach: Ryan said he expected qualification work to begin as the builder provides a list of applicants, suggested appointments or workshops for financial-preparedness and recommended staged intake to avoid first‑come/first‑served selection issues.
Representatives from Pinnacle Financial Partners—Deborah Stewart (community development officer) and Danny Gerald (community mortgage adviser)—presented the bank's Pinnacle 100 product and accompanying down‑payment assistance (DPA). Gerald described Pinnacle 100 as a 30‑year conventional fixed‑rate product with no required down payment and no private mortgage insurance included in the monthly payment; he said the product is income‑restricted (he cited an $88,500 qualifying cap for the Hilton Head/Bluffton area this year) and carries a minimum credit score guideline of 650.
Gerald outlined Pinnacle's in‑house down‑payment assistance: 4.5% of the sales price or appraised value, capped at $15,000, with no monthly payment for the DPA and no required length-of-occupancy restriction; he added that the DPA can be stacked with nonprofit grants. He also said Pinnacle will accept income‑driven student loan repayment plans as the income figure for qualifying borrowers in many cases, which can help applicants whose student‑loan payments are nominal or deferred. Gerald confirmed that ITIN borrowers are not eligible for the Pinnacle 100 product.
Committee members asked about outreach and credit repair; both lenders said they work with nonprofit partners for counseling and credit‑repair referrals and encouraged the committee to consider workshops or open houses to prepare applicants ahead of qualification.
The committee welcomed the lenders' participation and agreed to coordinate outreach to potential applicants and nonprofit partners.
