South Carolina is known for beautiful beaches and golf courses, making it a popular spot for both home owners and tourists alike. Rising real estate prices can make home ownership in South Carolina difficult, however. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The South Carolina State Housing Finance and Development Authority is one organization that offers such programs.
If you're thinking about purchasing a home in South Carolina, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
Through the South Carolina State Housing Finance and Development Authority’s Homeownership Program, two different types of down payment assistance are offered. This program is meant to help families with low-to-moderate income.
This first type of down payment assistance is Repayable. As much as $6,000 is offered as a second mortgage with a term of 10 years and a 2% interest rate. It’s for those who have an income higher than 80% of the area median income, and is used to finance new construction houses.
The second type of down payment assistance is Forgivable. As much as $6,000 is offered as a second mortgage, but unlike Repayable DPA, it has 0% interest and does not have any monthly payments. The full loan balance is forgiven as long as the applicant lives in the home for the 10-year loan term. This is for those whose income is less than 80% of the area median income.
Both types of DPA applicants must meet specified income and sales price limits.