County First Initiative

What is County First Initiative?

County First Initiative is a forgivable loan for homebuyers in Multiple County, South Carolina.

• SC Housing bond program for 24 designated lower-income SC counties: 30-year fixed first mortgage + up to $8,500 forgivable second over 20 years. FTHB waived; higher targeted-area MRB limits apply.
• SC Housing's County First Initiative offers a 30-year fixed-rate first mortgage paired with up to $8,500 in forgivable down payment assistance for buyers in 24 designated lower-income South Carolina counties. The DPA is a 0%-interest deferred second mortgage forgiven over 20 years of owner-occupancy. Because all 24 counties are federally targeted, the SC Housing first-time homebuyer requirement is waived and higher MRB income/purchase price limits apply ($108,600 1-2p / $157,500 3+p.
• sales price up to $450,000). The first mortgage is offered on FHA, VA, USDA-RD, and conventional (Fannie Mae HFA Preferred / Freddie Mac HFA Advantage) loan products at competitive bond rates.
• Funding comes from State and Bond.

Do you have to pay it back?

County First Initiative is forgiven after 20 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven over 20 years of owner-occupancy. Unforgiven balance due on sale, refinance, transfer, or non-owner-occupancy before 20 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?

County First Initiative is open to buyers who will live in the home as their primary residence.

What are the income limits?

County First Initiative limits household income to $157,500.

• 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?

County First Initiative caps the purchase price at $450,000.

• 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?

County First Initiative 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?

County First Initiative serves buyers purchasing in Multiple County, South Carolina.

• The program targets specific areas: All 24 County First counties are federally designated targeted census tracts (Abbeville, Allendale, Bamberg, Barnwell, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Dillon, Edgefield, Fairfield, Hampton, Jasper, Laurens, Lee, Marion, Marlboro, McCormick, Newberry, Orangeburg, Saluda, Union, Williamsburg).

How do you apply?

Applications for County First Initiative 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 HUD-approved counseling agency or SC Housing-approved online provider (Framework, eHome America)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved through SC Housing's Lender Online portal at time of rate lock by approved participating lender., 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.