Housing Development Corp. of Rock Hill First Time Home Buyer Program

What is Housing Development Corp. of Rock Hill First Time Home Buyer Program?

Housing Development Corp. of Rock Hill First Time Home Buyer Program is a forgivable loan for homebuyers in Rock Hill, South Carolina.

• The Housing Development Corporation of Rock Hill (HDC), the affiliated nonprofit housing entity for the City of Rock Hill, runs a First-Time Home Buyer (FTHB) Program providing certified homebuyer education, one-on-one counseling, and up to $7,500 in down-payment and closing-cost assistance for income-eligible first-time buyers purchasing within Rock Hill city limits. Assistance is structured as a forgivable second mortgage that is forgiven over a 5-year affordability period (with longer terms for layered fund sources up to 20 years). The City of Rock Hill funds and supports HDC; programs are funded through CDBG, HOME, City of Rock Hill housing funds, and partner sources.
• Up to $7,500 in down-payment and closing-cost assistance for first-time homebuyers purchasing within City of Rock Hill city limits. Assistance is a forgivable second mortgage forgiven in increments annually over a 5-year period (program also offers 5-20 year forgiveness terms depending on layered funding source). Includes certified First-Time Home Buyer education class plus one-on-one housing counseling at no cost.
• Funding comes from CDBG, HOME, City of Rock Hill housing funds; HUD Federal and Local.

Do you have to pay it back?

Housing Development Corp. of Rock Hill First Time Home Buyer Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale of home, transfer of title, conversion to non-residential use, or failure to maintain as primary residence within the 5-year affordability period triggers repayment of the unforgiven balance. After year 5 the lien is released.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Housing Development Corp. of Rock Hill First Time Home Buyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Housing Development Corp. of Rock Hill First Time Home Buyer Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income must be at or below 80% AMI for the Rock Hill / Charlotte-Concord-Gastonia metro area (York County, SC), FY2025: 1p $59,400; 2p $67,900; 3p $76,400; 4p $84,850; 5p $91,650; 6p $98,450; 7p $105,250; 8p $111,950.
• 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.

What kind of home can it be used for?

Housing Development Corp. of Rock Hill First Time Home Buyer Program caps the purchase price as follows: No published maximum purchase price; assistance amount is fixed and limited to $7,500.

• Eligible property types include Newly constructed or existing single-family homes, condominiums and townhomes, and modular homes on a permanent foundation. All within Rock Hill city limits and used as primary residence.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Housing Development Corp. of Rock Hill First Time Home Buyer Program serves buyers purchasing in Rock Hill, South Carolina.

How do you apply?

Applications for Housing Development Corp. of Rock Hill First Time Home Buyer 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 Housing Development Corporation of Rock Hill (HDC) certified First-Time Home Buyer Class (offered both in-person and online); covers budgeting, mortgage loans, real estate transactions, and DPA programs. Required to qualify for assistance. Plus one-on-one credit, budget, and home-purchase counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application submitted to HDC after completion of First-Time Home Buyer class and one-on-one counseling. Pre-screening application available online. Funding first-come, first-served., 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.