City of Spartanburg Homebuyer Assistance Program

What is City of Spartanburg Homebuyer Assistance Program?

City of Spartanburg Homebuyer Assistance Program is a forgivable loan for homebuyers in Spartanburg, South Carolina.

• HOME-funded city DPA program for first-time homebuyers in City of Spartanburg. Up to $20,000 forgivable second over 10 years at 0% interest.
• The City of Spartanburg Homebuyer Assistance Program is a HOME-funded place-based DPA program administered by Community Works on behalf of the City of Spartanburg. Up to $20,000 in DPA is structured as a 0%-interest forgivable second mortgage, deferred and forgiven over 10 years of continued owner-occupancy. Property must be located within City of Spartanburg city limits. Sales price up to $191,000 (existing) / $251,000 (new construction). Income up to 80% AMI Spartanburg MSA ($42,150 1p / $79,400 8p). Eligible loan products include FHA, VA, USDA-RD, and conventional.
• Funding comes from Federal and HOME.

Do you have to pay it back?

City of Spartanburg Homebuyer Assistance Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven over 10 years of continued owner-occupancy. Unforgiven balance due on sale, refinance, transfer, or non-owner-occupancy before 10 years.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Spartanburg Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Spartanburg Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• 80% AMI Spartanburg MSA HUD HOME limits. $42,150 (1-person) - $79,400 (8-person).
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Spartanburg Homebuyer Assistance Program caps the purchase price at $251,000.

• Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

City of Spartanburg Homebuyer Assistance Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

City of Spartanburg Homebuyer Assistance Program serves buyers purchasing in Spartanburg, South Carolina.

How do you apply?

Applications for City of Spartanburg Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Community Works HUD-approved homebuyer education and one-on-one counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application submitted directly to Community Works at time of pre-approval., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.