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.