South Carolina

SC Housing Homebuyer Program

The SC Housing Homebuyer Program supports low-to-moderate income families with a competitive fixed-interest rate mortgage loan. Additionally, down payment assistance, available based on funding, can be used for both down payments and closing costs.

Highlights:

• • Low, fixed interest rates
  • Down Payment Assistance option

Eligibility:

NON-TARGETED COUNTIES:

• • First-time homebuyer or no ownership interest in a principal residence in the three

(3) years preceding the loan closing. (Waived for single parents/disabled borrowers)

• • Applicable to certain counties, including Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, York.

TARGETED COUNTIES:

• • No current homeownership or ownership interest at the time of loan closing.
  • Applies to targeted areas, including Abbeville, Allendale, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Hampton, Horry, Jasper, Kershaw, Laurens, Lee, McCormick, Marion, Marlboro, Newberry, Orangeburg, Saluda, Sumter, Union, Williamsburg.
  • Site-built single-family dwellings, off-frame modular homes, patio/townhomes, and FHA conventional approved condominiums, all located in South Carolina.

Benefits:

• • Down payment assistance based on availability, which may also cover closing costs.
  • Loan term: 30 years.
  • Eligibility for down payment assistance

o Option for a Forgivable Down Payment Assistance (DPA) as a second mortgage loan with 15-year term, Zero interest rate and no monthly payments (Subject to sales price and income limits, along with SC Housing’s first mortgage requirements)

Requirements:

• • Must meet specific qualifications based on the type of mortgage (FHA, Conventional, USDA RHS, VA).
  • Minimum credit score: 620 or 640 based on the loan type
  • Costs include an origination fee, prepaid items, and customary closing costs.
• • All recipients of down payment assistance (DPA)* must complete a homebuyer training course. Your lending partner will set this up for you.

How to Apply:

• • Contact a SC Housing approved lending partner to initiate loan application process.
  • You may also contact 803.896.2211 or email [email protected] for any questions.

SC Housing Palmetto Home Advantage

Palmetto Home Advantage provides flexible mortgage options, including Conventional, FHA, VA, and USDA loans, catering to first-time, move-up, and repeat buyers with no first-time homebuyer requirements for new and existing homes, including manufactured housing (Conventional and FHA).

Highlights:

• • Conventional, FHA, VA, and USDA loan options.
  • Available for new and existing homes, including manufactured housing.
  • Forgivable down payment assistance options with a 0% interest rate and 10-year term.

Eligibility:

• • First-time, move-up, and repeat buyers.
  • Minimum 640 credit score required.
  • Borrower income limit of $124,000. Income limit not dependent on family size or total household income.

Benefits:

• • Conventional financing options up to 97% Loan-to-Value (LTV) on one-unit properties s and 95% LTV on Fannie Mae and Freddie Mac two – unit properties.
  • FHA loans available on single-family, doublewide manufactured, and two-unit owner-occupied properties; up to 96.5% Loan-to-Value (LTV).
  • VA and USDA loans with 100% financing.
  • Reduced mortgage insurance for Conventional loans with 18% coverage on a 97% LTV for loans below 80% of Area Median Income (AMI).
  • Down Payment Assistance (DPA) is available and is forgivable with a 0% interest rate and 10-year term. Different interest rates apply based on the DPA option.

Requirements:

• • Minimum 640 credit score.
  • No first-time homebuyer requirements
  • Meet applicable insurer guidelines.
  • Borrower income limit of $124,000 (not dependent on family size).

How to Apply:

• • Contact one of the approved lending partners for additional information and qualification assessment.

SC Housing County First Initiative

Many in rural communities feel that they are the last in line when it comes to getting the services and resources they need. Whether it is having access to broadband to stay connected, medical care for health problems, or buying a home in a community that they love, they often lag behind more urban areas.

But the South Carolina State Housing Finance and Development Authority (SC Housing) is changing all of that with its County First Initiative for these homebuyers. The new initiative offers incentives to increase homeownership in certain rural counties in the state that are considered “economically distressed” by the U.S. Department of Housing and Urban Development.

Highlights:

• • Low-interest rate loan.
  • $8,500 in forgivable down payment assistance.
  • Available in economically distressed rural counties.
  • Options for FHA, Conventional, USDA, or VA financing.

Eligibility:

• • Applicable for first-time or move-up borrowers.
  • Adhere to SC Homebuyer Program requirements for income and home price limits.
  • Interested homebuyers in rural counties: Abbeville, Allendale, Bamberg, Barnwell, Calhoun, Chester, Clarendon, Dillon, Edgefield, Fairfield, Georgetown, Hampton, Jasper, Lee, Marion, Marlboro, McCormick, Newberry, Orangeburg, Saluda, Union or Williamsburg county. Ask your Realtor or Lender about County First.

Benefits:

• • The program includes up to $8,500 forgivable down payment assistance and special fixed rate financing
  • Incentives to increase homeownership.
  • Assistance for those ready to buy a home in specified rural counties.

Requirements:

• • Must meet SC Homebuyer Program requirements for income and home price limits.
  • The County First program may not be used for refinancing.

How to Apply:

• • For additional prequalification information, contact one of the approved lending partners or call SC Housing directly at 803.896.2211 or email [email protected]

SC Housing Choice Voucher Homeownership Program (HCV)

The SC Housing Choice Voucher Homeownership Program offers current Housing Choice Voucher (HCV) participants the opportunity to transition from rental housing to homeownership. Participants meeting specific criteria can convert their rental voucher to a homeownership voucher, facilitating the purchase of their own home.

Highlights:

• • Allows HCV participants to use federal housing assistance to purchase a home.
  • Participants can obtain 30-year, fixed-rate FHA financing and forgivable down payment assistance.
  • Housing assistance payments can be used to help qualify for a mortgage.

Eligibility:

• • Must be a current participant in good standing in a Housing Choice Voucher program.
  • Must meet first-time homebuyer requirements and income limits.
  • At least one borrower must be employed full-time for a minimum of one year or receiving disability or senior citizen benefits.
  • Borrowers must save and contribute a minimum of 1% of the home’s sales price towards the down payment.
  • Must have a minimum 620 FICO credit score.

Benefits:

• • Opportunity to build equity in a home instead of paying rent.
  • Access to FHA financing with favorable terms.
  • Forgivable down payment assistance of $8,500 available.
  • Assistance provided by SC Housing to guide participants through the homeownership process.

Requirements:

• • Head of household must currently be an active HCV participant for at least one year.
  • Must be compliant with all HCV program requirements and in good standing.
  • Head of household and/or spouse must have maintained full-time continuous employment for a minimum of one year.
  • Minimum total gross income requirements apply, excluding the value of the voucher.
  • Must satisfactorily complete Homebuyer Education classes as determined by SC Housing.
  • Must independently obtain a mortgage prequalification letter from an approved SC Housing lender.

How to Apply:

• • Contact the Housing Choice Voucher administrator at your local Public Housing Agency to learn more about the program.
  • Participants must meet eligibility criteria and obtain a mortgage prequalification letter from an approved SC Housing lender.
  • Work with a real estate agent/broker to start the home buying process.
  • For more information, visit SCHousing.com, call 803.896.2211, or email [email protected].

Richland County Home Ownership Assistance

The Richland County Home Ownership Assistance Program aims to provide down payment and closing cost assistance to facilitate home ownership in Richland County. The program prioritizes low- to-moderate income households, offering forgivable loans of up to $10,000 for down payment and/or closing costs on the purchase of a single-family dwelling.

Highlights:

• • Provides forgivable loans of up to $10,000 for down payment and closing costs.
  • Priority given to low-to-moderate income households.
  • Eligible properties must be single-family detached dwellings located in Richland County (excluding Columbia city limits) and built after 1978.

Eligibility:

• • Must be a resident of South Carolina.
  • Cannot have a contract on a house until after completing program requirements.
  • Household income must qualify as low to moderate, using the 80% HUD income limits.
  • Must meet specific income limits based on household size.
  • Must be able to secure a mortgage independently, without a co-signer.

Benefits:

• • Assistance provided as a deferred, forgivable second mortgage.
  • Loan forgiven after five years of primary residence occupancy.
  • Loan amount of up to $10,000 to help with down payments and closing costs
  • Opportunity for eligible households to achieve home ownership.

Requirements:

• • Attend Richland County Home Ownership Assistance Program Orientation to receive the official application.
  • Attend home buying classes after orientation.
  • Submit application with all required documents as per the application checklist.
  • Application processing takes up to 45 business days.
  • Written notification provided upon completion of the application processing.

How to Apply:

1. Attend the RCHAP Program Orientation to receive the official application.
2. Attend home buying classes after orientation.
3. Submit the application with all required paperwork.
4. Await notification of application processing completion.

For more information, call (803) 576-2089. Please check the RCHAP program website regularly for updates on availability.

Greenville County Homebuyer Assistance Program

The Greenville County Homebuyer Assistance Program offers forgivable loans of up to $10,000 to first- time homebuyers aiming to purchase a home in Greenville County with a median income at or below 80% Area Median Income (AMI).

Highlights:

• • Forgivable loans up to $10,000 available for down payment and/or closing costs.
  • Eligible for first-time homebuyers or those who haven’t owned a home in the past three years.
  • Limited funds available for individuals between 80-120% AMI, offering up to $5,000.
  • Assistance secured by a promissory note and mortgage lien on the property.
  • Loan origination fee of $325 and applicable wiring fees due at closing.

Eligibility:

• • Must be a first-time homebuyer or not have owned a home in the past three years.
  • Household income must be at or below 80% AMI (limited funds available for 80- 120% AMI).
  • Must secure a 30-year, fixed-rate first mortgage.
  • Minimum investment of $500 into the home purchase required.
  • Attend a CommunityWorks orientation and a homebuyer education workshop through Greenville County Human Relations Key Program.
  • Maximum purchase price: $250,000 for new construction homes and $205,000 for existing homes.

Benefits:

• • Assistance available for new and existing properties in Greenville County.
  • Funds can be used for down payment and/or closing costs.
  • Assistance is a non-amortizing subordinate loan at 0% interest.
  • Assistance provided by GCRA will be forgiven over five or more years depending on the amount of assistance.

Requirements:

• • Property must be the buyer’s principal residence.
  • Monthly mortgage payment must be affordable (35% of monthly income).
  • Total bank mortgage on the property may not exceed 100% of the appraised value.
  • Buyers may not receive any funds back at the time of closing.
  • Property cannot be rented prior to the completion of the subsidy term.

How to Apply:

1. Attend a CommunityWorks orientation.
2. Attend a homebuyer education workshop through Greenville County Human Relations Key Program.
3. Complete the application process, including submission of all required documents.
4. Pay the $325 loan origination fee and applicable wiring fees at closing.

For more information, contact the Greenville County Redevelopment Authority (GCRA) and look for Joe Smith or you can email [email protected] or call (864) 242-9801 ext. 117

City of Spartanburg Homebuyer Assistance Program

The City of Spartanburg, South Carolina using Community Development Block Grant (CDBG), HOME Partnership Grant Funds, or First Time Homebuyer funds, is pleased to provide purchase assistance for families and households for the purchase of property in the City of Spartanburg to occupy as their primary residence.

Highlights:

• • Up to $5,000 in down payment and/or closing cost assistance.
  • Targeted towards first-time homebuyers with a household income at or below 80% AMI.
  • Assistance provided to make homeownership more affordable in the City of Spartanburg.

Eligibility:

• • Must be first-time homebuyers (or not have owned a home in 3 years).
  • Household income must be at or below 80% Area Median Income.
  • Must be preapproved by a lender
  • Invest a minimum of $500 into the home purchase.
  • Attend a homebuyer education workshop through ReGenesis.
  • Must request a third-party home inspection prior to purchase.
  • Property, new or existing, must be located in the City of Spartanburg and must be occupied as a primary residence.
  • Purchase price of existing homes cannot exceed $191,000, and new construction costs $251,000.
  • Monthly mortgage payment must be affordable (approximately 30% of monthly income).

Benefits:

• • Financial assistance for down payment and/or closing costs.
  • Assistance will be forgiven over five or more years depending on the amount of assistance.
  • Assistance is a non-amortizing subordinate loan at 0% interest

Requirements:

• • Compliance with eligibility criteria.
  • Homebuyers are required to request a 3rd party home inspection prior to purchase of any property.
  • Homebuyers must provide at least $500.00 towards a down payment and closing costs.
  • Must complete a HUD Approved 8 Hour Homebuyer’s Education Class
  • Adherence to home purchase guidelines and completion of necessary paperwork and documentation.

How to Apply:

1. Attend a homebuyer education workshop.
2. Request a third-party home inspection prior to purchase.
3. Secure a fixed-rate first mortgage.
4. Invest a minimum of $500 into the home purchase.
5. Complete and submit the application with all required documentation.
6. Await notification of application status and follow further instructions provided by the program administrators.

For more information, contact the City of Spartanburg Homebuyer Assistance Program at 864-596-3560. You may also reach out to the Community Development Director, Martin Livingston at 864-580-5323 or email [email protected]

South Dakota

SDHDA First-Time Homebuyer Program

The First-Time Homebuyer program by SD Housing transforms homeownership dreams into reality for first-time homebuyers in South Dakota. It achieves this through the provision of low-interest rate mortgage loans, with collaborative efforts from participating lending institutions across the state.

Highlights:

• • Low-interest rate mortgage loans.
  • Collaboration with participating lending institutions.

Eligibility:

• • Must be a first-time homebuyer or not owned a home in the past three years.
  • If a homebuyer owned and lived in a dwelling unit not permanently affixed to a permanent foundation (e.g., a mobile home), it doesn’t count as previous homeownership.
  • Veterans waiver may apply for qualified applicants.
  • Minimum credit score of 620
  • Home must be a principal residence in South Dakota
  • Have an income at or below prescribed South Dakota Housing Income Limits.
  • The purchase price must be $385,000 or less.

Benefits:

• • Low-interest rate mortgage loans
  • Terms: Borrowers may choose between a FIXED RATE option offering a competitive 30-year fixed interest rate or a FIXED RATE PLUS option providing a 30-year fixed interest rate plus downpayment assistance through a second mortgage at 0% interest.

Requirements:

• • The home must be the borrower’s primary residence in South Dakota.
  • Meet purchase price requirements.
  • Have sufficient income and creditworthiness.
  • Although SD Housing strongly suggests everyone attend a Homebuyer Education class, only SD Housing’s conventional mortgage requires Homebuyer Education.
  • Unless a 20% down payment is made, all loans must be insured or guaranteed by FHA, VA, USDA, or a Private Mortgage Insurance Company.
  • Loans will be amortized over a term of 30 years, with some flexibility for shorter terms upon borrower request and SD Housing approval.

How to Apply:

• • Contact a Participating Lender in your area for an appointment to confirm the current interest rates, purchase price limits, income limits, and other SD Housing requirements, and begin the application process.

SDHDA Tax Credit

The SDHDA Tax Credit, available through a Mortgage Credit Certificate (MCC), offers South Dakota residents an opportunity to reduce their federal income tax, providing additional disposable income.

With this tax credit, a percentage of the mortgage interest can be used as a dollar-for-dollar reduction in your tax bill, while the remaining interest remains eligible for the home mortgage interest deduction.

The SDHDA Tax Credit is an option within the First-Time Homebuyer Program.

Highlights:

• • Reduction of federal income tax through the Mortgage Credit Certificate (MCC).
  • Percentage-based tax credit on mortgage interest.
  • Option within the First-Time Homebuyer Program.

Eligibility:

• • Purchasing your first home (not owned and lived in a home in the last three years).
  • Maximum home sales price within the current Purchase Price Limit.
  • Meet Income and Purchase Price Limits specified for SD Housing’s first-time homebuyer program, varying by family size and county.

Benefits:

• • Reduction of federal income tax liability.
  • Increased disposable income.
  • Percentage-based tax credits based on mortgage interest and home price.

Requirements:

• • Occupancy of the property is mandatory.
  • The SDHDA Tax Credit can be used with fixed-interest rate loans insured by FHA, guaranteed by VA or USDA Rural Development, or conventional loans insured by approved private mortgage insurance companies, or conventional uninsured loans.
  • Additional restrictions may apply, and qualification details are available through SD Housing Participating Lenders.
  • The tax credit cannot exceed the annual federal income tax liability after considering all other credits and deductions.

How to Apply:

• • Applications are accepted on a first-come, first-served basis through a statewide network of Participating Lenders.

Other Information:

• • The SDHDA Tax Credit program may include a standard fee of $750. However, if utilizing the SDHDA’s First-Time Homebuyer Program, the fee is reduced to $250.
  • Coordination with a Participating Lender is crucial to understand the best product for individual circumstances. Visit SD Housing’s website at sdhousing.org for a list of lenders and detailed information on purchase price and income limits.

GROW South Dakota’s Down Payment and Closing Cost Assistance (DPA)

GROW South Dakota is a non-profit organization that empowers South Dakota Homeownership through down payment or closing cost assistance.

Highlights:

• • GROW South Dakota offers down payment assistance programs to ease the homebuying process.
  • Qualified buyers can receive loans ranging from $5,000 to $10,500 for upfront costs.

Eligibility:

• • Recipients must adhere to eligibility guidelines set by GROW SD and the funding source.
  • Lenders must be approved through GROW SD.
  • Income restrictions apply based on the funding source.
  • Applicable only to properties within the state of South Dakota, with funding variations based on location/county.

Benefits:

• • Provides down payment and closing cost assistance in the form of a 0% deferred loan. Assistance is not a grant or forgivable loan, ensuring responsible financial commitment.
  • Can be utilized in conjunction with the purchase of primary owner-occupied 1-4 unit properties along with a first mortgage loan product.
  • Compatible with various loan programs, including Fannie Mae, Freddie Mac, FHA, VA, USDA RD 502 Guaranteed or Direct loans, HUD-184 loans, conventional renovation, conventional portfolio products, and other CRA affordable lending programs.
  • Approved first mortgage lenders by GROW South Dakota are essential for participation.
  • Loan amounts typically range between $5,000 to $10,500, dependent on funding availability

Requirements:

• • Property must serve as the primary residence.
  • Completion of an approved Homebuyer Education course within the last 12 months is mandatory.
  • Specific restrictions apply if used with other down payment assistance programs.

How to Apply:

• • Apply online through https://growsd.force.com/growsdcft
  • For additional information, contact the GROW SD office at 605.698.7654 or [email protected].

Closing Cost Assistance by Homes Are Possible, Inc.

Homes Are Possible, Inc. is a nonprofit organization that helps low to moderate-income families in Northeast South Dakota by offering $5,000 Down Payment/Closing Cost Assistance.

Highlights:

• • Homes Are Possible, Inc. (HAPI) offers a $5,000 non-forgivable loan for down payment and closing costs.
  • The loan is interest-free and is repayable upon selling the home, doing a cash-out refinance, or transferring the title.

Eligibility:

• • Applicants within income and purchase price limits.
  • Income limits aligned with the HUD 80% Area Median Income (AMI) per county household size.

Benefits:

• • Provides a $5,000 loan to cover various expenses, including Origination Fee, Title Search, Insurance, Survey, Appraisal, and Closing Fees.
  • Interest-free repayment to HAPI at the time of home sale, cash-out refinance, or title transfer.

Requirements:

• • Completion of HAPI’s Home Buyer Education course is mandatory before closing.
  • Repayment occurs when selling the home, completing a cash-out refinance, or transferring the title.

How to Apply:

• • Contact HAPI for further details on the application process and eligibility determination at [email protected] or 605.225.4274