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.

County First Initiative is forgiven after 20 years, so a homebuyer 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.

County First Initiative is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum representative FICO across all borrowers per SC Housing program guidelines. A homebuyer education course is required, through HUD-approved counseling agency or SC Housing-approved online provider (Framework, eHome America). Residency requirement: Property must be located in one of 24 designated County First counties in South Carolina and serve as borrower's principal residence. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. Property must be located in one of the 24 designated County First counties: Abbeville, Allendale, Bamberg, Barnwell, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Dillon, Edgefield, Fairfield, Hampton, Jasper, Laurens, Lee, Marion, Marlboro, McCormick, Newberry, Orangeburg, Saluda, Union, or Williamsburg. Owner-occupied principal residence. Income within MRB targeted-area limits ($108,600 1-2p / $157,500 3+p). Sales price up to $450,000. Homebuyer education required.

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.

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.

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.

County First Initiative serves homebuyers 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).

Applications for County First Initiative go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved through SC Housing's Lender Online portal at time of rate lock by approved participating lender. 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.