SC Housing Homebuyer Program

The South Carolina State Housing Finance and Development Authority’s Homeownership Program assists low-to-moderate income families and individuals by offering a competitive, fixed-interest rate mortgage loan.

Available Assistance
In addition to a low-interest first mortgage, applicants of the Homeownership Program can also receive down payment assistance (DPA), based on availability. DPA is available in the amount of $6,000 and may be used towards a borrower’s down payment, closing costs, and/or prepaid items. This comes in the form of a second mortgage with either a 10-year or 20-year term (varies based on household income). Applicants who are at or below 80% AMI will receive the 10-year term, and those above 80% AMI will receive a 20-year term. This is a zero-interest loan with no monthly payments. The borrower must occupy the property for the term (10 or 20 years) of the lien for the assistance to be fully forgiven.

Eligibility Requirements
To be eligible for the Homeownership Program, all applicants must be first-time homebuyers who have not owned a home in the past three years. The credit score and down payment requirement vary by the type of lender:

FHA: 3.5% down, a minimum credit score of 620
USDA: 100% LTV USDA RHS loans available, a minimum credit score of 640.
VA: LTV VA loans available, a minimum credit score 640.
 
Property Guidelines
Any property purchased with program funds must serve as the applicant’s primary residence and be located in South Carolina. Eligible property types include stick-built single-family dwellings, off-frame modular homes, patio/townhomes, and FHA-approved or conventional-approved condominiums.
 

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.