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).

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. Homebuyer 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.

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative is forgiven after 15 years, so a homebuyer 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.

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard 3-year lookback applies. Veterans may use one-time exemption but must still certify first-generation status. On credit, the program states: 640 minimum FICO for all borrowers. A homebuyer education course is required, 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. Citizenship or immigration status: US Citizen or Permanent Resident Alien with valid Green Card (I-551); VISA holders not eligible. Borrower must be a first-time homebuyer (no ownership interest prior 3 years) AND neither parent owned a home (first-generation). Must sign First-Generation Homebuyer Certification at application. FHA/USDA/VA only. 640 min FICO, 45% max DTI, homebuyer education, primary residence, county income/price limits. DPA term: 15-year forgivable second at 0% interest, no monthly payments; repayable upon sale/refinance/loss of primary residency before maturity. Subordination not permitted.

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.

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

SC Housing Homebuyer Program - First-Generation Homebuyer Community Lending Initiative names first-generation homebuyers 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.

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

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