Lexington County Homeownership Assistance Program

Lexington County Homeownership Assistance Program is a deferred second loan for homebuyers in Lexington County, South Carolina, administered by County of Lexington Community Development Department, Grant Programs Division. A HUD HOME-funded down payment and/or closing-cost assistance program administered by Lexington County for qualified low- and moderate-income first-time homebuyers purchasing within Lexington County (including Cayce and West Columbia). Assistance is up to $5,000 as a 0% deferred forgivable second loan, forgiven on a pro-rated 5-year schedule. Manufactured/mobile homes are ineligible; homes must be built after 1977 and meet housing quality standards. Up to $5,000 toward down payment and/or closing costs. 0% deferred forgivable loan. Pro-rated forgiveness over 5 years. County-wide coverage incl. Cayce & West Columbia. Required homebuyer education provided. Funding comes from U.S. HUD HOME Investment Partnerships (HOME) Program, administered by Lexington County.

Lexington County Homeownership Assistance Program offers up to $5,000 in assistance. Award tiers: Flat amount not to exceed $5,000 per applicant. Homebuyer contribution: Not specified on the County web page. Amounts are the program's published maximums, not an offer — County of Lexington Community Development Department, Grant Programs Division determines any individual award.

Lexington County Homeownership Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro-rated repayment required if the owner sells the home or no longer occupies it as their primary residence within 5 years of the grant award. The assistance is recorded in Second lien (County maintains 2nd lien position). position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Lexington County Homeownership Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Applicant cannot presently own a home or land, nor have owned a home or land within the last 3 years (IRS first-time homebuyer definition). On credit, the program states: Not published; applicant must qualify for a fixed-rate first mortgage independent of a co-signer. A homebuyer education course is required, through County of Lexington Affordable Housing Counseling and Education Program (required homeownership classes). Residency requirement: Home must be purchased within Lexington County (incl. Batesburg-Leesville, Cayce, Chapin, Gaston, Gilbert, Irmo, Lexington, Pelion, Pine Ridge, Red Bank, South Congaree, Springdale, Swansea, West Columbia). Applicant must be employed. First-time homebuyer (no ownership of home or land in past 3 years), must be employed, must complete required homeownership classes, must occupy as primary residence 5 years for full forgiveness. Property must be built after 1977 and pass County inspection; manufactured/mobile homes ineligible.

Lexington County Homeownership Assistance Program limits household income to $74,150. 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.

Lexington County Homeownership Assistance Program caps the purchase price at $295,000. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Lexington County Homeownership Assistance Program serves homebuyers purchasing in Lexington County, South Carolina.

Applications for Lexington County Homeownership Assistance Program go through County of Lexington Community Development Department, Grant Programs Division, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served. Applicants complete a pre-screening application and the County's Affordable Housing Counseling and Education Program. 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.