STATEWIDE PROGRAMS

Homeownership Program

Assistance Available:
The South Carolina State Housing Finance and Development Authority offers a Homeownership Program that includes forgivable downpayment assistance to qualified buyers in the form of $6000.

These funds may be used to help defray the cost of downpayment, closing, or prepaid items. The assistance is a zero interest, second mortgage with no monthly payments that is either 10 or 20 years depending on income.

If your first mortgage is below 80% AMI, you receive a 10 year loan. If your first mortgage is above 80% AMI, you receive a 20 year loan. For your loan to become fully forgivable you must live in your home for 10 or 20 years. The amount of time you are required to live in your home is dictated by the terms of your loan.

Qualifications:
Whether or not you have to be a first time homebuyer depends on the county in which the property you are purchasing is located. You must meet the requirements of a first mortgage. You must complete a home training course. Eligible properties include stick built single family homes, patio and townhomes, condominiums that are FHA or conventional approved, and off frame modular homes. The property must be located in South Carolina.