SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative

What is SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative is a forgivable loan for homebuyers in South Carolina, administered by South Carolina State Housing Finance and Development Authority (SC Housing).

• A Community Lending Initiative sub-tier of the SC Housing Homebuyer (Bond) Program for first-time homebuyers whose parents did not own a home. Borrower self-certifies first-generation status via a certification form at application. Provides the same $10,000 forgivable 15-year DPA and Bond first mortgage benefits as the standard program. Available on FHA, USDA, and VA loan products only.
• $10,000 forgivable DPA (0% interest, no monthly payment, 15-year term); competitive fixed-rate first mortgage; targets first-generation buyers whose parents never owned a home.
• Funding comes from SC Housing Bond Program (tax-exempt mortgage revenue bonds).

How much assistance does it provide?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative offers between $10,000 and $10,000 in assistance.

• Award tiers: First-Generation Homebuyer $10,000 Forgivable DPA: 15-year (180-month) forgivable second mortgage, 0% interest, no monthly payments; repayable upon sale/refinance/loss of primary residency before maturity.
• Buyer contribution: No minimum borrower contribution unless required by AUS.
• Amounts are the program's published maximums, not an offer — South Carolina State Housing Finance and Development Authority (SC Housing) determines any individual award.

Do you have to pay it back?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative is forgiven after 15 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, refinance, or property no longer borrower's primary residence prior to 15-year maturity.
• The assistance is recorded in 2nd position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative sets its income limit as follows: County-specific income limits per SC Housing 2025/2026 chart. Non-targeted: $90,500-$112,200 (1-2 persons), $104,075-$129,030 (3+). Targeted up to $135,000/$157,500.

• 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?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative caps the purchase price at $450,000.

Is there eligibility for specific groups?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative names first-generation buyers 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?

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative serves buyers purchasing anywhere in South Carolina.

How do you apply?

Applications for SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative go through South Carolina State Housing Finance and Development Authority (SC Housing), 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 Fannie Mae HomeView; Freddie Mac CreditSmart; any HUD-approved homebuyer education course; completed within 12 months prior to closing by at least one borrower.

2. 2

   Contact South Carolina State Housing Finance and Development Authority (SC Housing) to reserve funds

   Funds are reserved through SC Housing Lender Online (lol.schousing.com), 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.