City of Sumter Affordable Homebuyer Program

City of Sumter Affordable Homebuyer Program is a forgivable loan for homebuyers in Sumter, South Carolina, administered by City of Sumter Housing & Economic Development Corp. (Community Development Department). The City of Sumter, through its Community Development Department / Housing & Economic Development Corp., builds new stick-built homes within city limits and sells them to income-qualified lower-income buyers. Buyers receive a City grant up to $3,000 for closing costs plus a 0% deferred forgivable gap-financing loan up to $35,000, with the buyer obtaining a private first mortgage. Pre- and post-purchase counseling is required and a 1% buyer cash contribution may be required. City grant up to $3,000 for closing costs. 0% deferred forgivable gap loan up to $35,000. New-construction City-built homes. Pre- and post-purchase counseling provided. For lower-income households within Sumter city limits. Funding comes from Federal HUD funds (CDBG/HOME) administered through the City of Sumter Community Development Department.

City of Sumter Affordable Homebuyer Program offers between $3,000 and $38,000 in assistance. Award tiers: City Grant up to $3,000 for closing costs; plus a forgivable deferred 0% gap-financing loan up to $35,000. Homebuyer contribution: Minimum cash contribution of 1% of the selling price may be required from the buyer. Amounts are the program's published maximums, not an offer — City of Sumter Housing & Economic Development Corp. (Community Development Department) determines any individual award.

City of Sumter Affordable Homebuyer Program is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by Gap-financing portion is a 0% deferred/forgivable loan tied to continued owner-occupancy as principal residence; the $3,000 closing-cost portion is a grant. The assistance is recorded in Second lien (deferred forgivable loan). position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Sumter Affordable Homebuyer Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Applicant must have a responsible credit history (no numeric minimum published). A homebuyer education course is required, through Pre-purchase and post-purchase counseling provided by the City of Sumter. Residency requirement: Home must be purchased within the City of Sumter; must occupy as principal residence. Tied to purchase of a City-built new-construction home (not open-market purchases).

City of Sumter Affordable Homebuyer Program limits household income to $38,000. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Sumter Affordable Homebuyer Program caps the purchase price as follows: Not published; homes are City-built new construction sold at program-set prices within city limits. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

City of Sumter Affordable Homebuyer Program serves homebuyers purchasing in Sumter, South Carolina. The program targets specific areas: Eligible homes are limited to City-of-Sumter-built new-construction houses located within the Sumter city limits.

Applications for City of Sumter Affordable Homebuyer Program go through City of Sumter Housing & Economic Development Corp. (Community Development Department), which publishes the current terms and the application steps on its own site. Funds are reserved through First-come; applicant works with City of Sumter Community Development. Funds limited to City-built new-construction homes. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.