Richland County Home Ownership Assistance

Richland County Home Ownership Assistance is a forgivable loan for homebuyers in Richland County, South Carolina. The Richland County Home-ownership Assistance Program (RCHAP), administered by the Richland County Community Development Office, provides down-payment and closing-cost assistance (or principal reduction) of up to $24,500 to income-eligible first-time homebuyers purchasing single-family detached homes built after 1978 in unincorporated Richland County. Funded by HUD HOME Investment Partnerships. The deferred forgivable second mortgage requires the buyer to live in the home as primary residence for 5 years; if the home is sold or no longer owner-occupied within that period, the assistance is repaid on a pro-rated basis. Buyers must attend a mandatory monthly orientation workshop to receive the application. Deferred forgivable second-mortgage loan of up to $24,500 to assist with down payment and/or closing costs (or principal reduction) for income-eligible first-time homebuyers purchasing in unincorporated Richland County. 5-year affordability period. loan is fully forgiven if buyer maintains the home as primary residence for 5 years. No monthly payments. pro-rated repayment if owner-occupancy lapses. Funding comes from HUD HOME Investment Partnerships Program; Federal.

Richland County Home Ownership Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer of title, conversion to non-residential use, or failure to maintain the home as primary residence for the full 5-year period triggers pro-rated repayment of the assistance. After 5 years 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.

Richland County Home Ownership Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer requirement is waived if applicant has not owned property in the last 3 years. On credit, the program states: No published minimum FICO; lender underwriting standards apply (must secure mortgage independent of co-signer). A homebuyer education course is required, through Richland County Community Development mandatory Homeownership Assistance Workshop (held monthly, capacity 75 attendees, no walk-ins, registration required); plus required HUD-approved homebuyer education course. Residency requirement: Applicant must be a resident of South Carolina. Property must be located in unincorporated Richland County. Must be a resident of South Carolina. Cannot ratify a contract on a home until after completing program requirements. Must qualify as a low- to moderate-income household (HUD income limits). Must be a first-time homebuyer (or have not owned property for the last three years). Mandatory attendance at the monthly Richland County Homeownership Workshop to receive an official application; capacity 75, no children allowed due to limited capacity. Must secure a mortgage independent of a co-signer. Pre-approval letter must be within 30 days of issued date for application submission. No contract is to be ratified on a home without acceptance into the program.

Richland County Home Ownership Assistance limits household income to 80% of the area median income, which varies by county and household size. Maximum gross household income at or below 80% AMI for Columbia, SC HUD Metro FMR Area (Richland County), FY2025: 1p $51,950; 2p $59,350; 3p $66,750; 4p $74,150; 5p $80,100; 6p $86,050; 7p $91,950; 8p $97,900. Limits updated annually. 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.

Richland County Home Ownership Assistance caps the purchase price at $273,000. Eligible property types include Single-family detached dwelling located in unincorporated Richland County, built after 1978. New construction is eligible. Manufactured homes are not eligible.

Richland County Home Ownership Assistance serves homebuyers purchasing in Richland County, South Carolina.

Applications for Richland County Home Ownership Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Buyer must register for and attend a monthly Homeownership Assistance Workshop (registration opens about a month prior; capacity 75; no walk-ins). After workshop, buyer receives the official application; submit completed application to Community Development Office along with current pre-approval letter (within 30 days). 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.