SC Housing Homebuyer Program

SC Housing Homebuyer Program is a forgivable loan for homebuyers in Statewide, South Carolina. SC Housing statewide bond MRB program: 30-year fixed first mortgage + up to $8,500 forgivable second over 20 years. FTHB required (waived in targeted areas / for veterans). The SC Housing Homebuyer Program is SC Housing's bond-funded first-time homebuyer program. It pairs a 30-year fixed-rate first mortgage funded through SC Housing Mortgage Revenue Bonds with up to $8,500 in forgivable down payment / closing-cost assistance. The DPA is a 0%-interest deferred second mortgage forgiven over 20 years of continued owner-occupancy. Eligible loan products include FHA, VA, USDA-RD, and conventional (Fannie Mae HFA Preferred / Freddie Mac HFA Advantage). First-time homebuyer required (waived in federally targeted census tracts and for honorably discharged veterans). Income up to $90,500 (1-2p, non-targeted) / $157,500 (3+p, targeted). Sales price up to $450,000. 640 minimum FICO. Funding comes from State and Bond.

SC Housing Homebuyer Program is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven over 20 years of owner-occupancy. Unforgiven balance due on sale, refinance, transfer, or non-owner-occupancy before 20 years. The assistance is recorded in 2nd Lien 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 is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Federally designated targeted census tracts and honorably discharged veterans waive the first-time-homebuyer requirement. On credit, the program states: 640 minimum representative FICO across all borrowers per SC Housing program guidelines. A homebuyer education course is required, through HUD-approved counseling agency or SC Housing-approved online provider (Framework, eHome America). Residency requirement: Property must be located in South Carolina and serve as borrower's principal residence. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. First-time homebuyer required (waived in federally targeted census tracts and for honorably discharged veterans). Owner-occupied principal residence. Income within MRB limits ($90,500 1-2p non-targeted to $157,500 3+p targeted). Sales price up to $450,000. 640 minimum FICO. Homebuyer education required.

SC Housing Homebuyer Program limits household income to $157,500. The limit applies to total household income, not only the borrower’s. 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 caps the purchase price at $450,000. Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays. New construction is eligible. Manufactured homes are eligible.

SC Housing Homebuyer Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses 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 serves homebuyers purchasing in Statewide, South Carolina. The program targets specific areas: Federally designated targeted census tracts (per IRS) where MRB FTHB requirement is waived and higher income/purchase price limits apply.

Applications for SC Housing Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved through SC Housing's Lender Online portal at time of rate lock by approved participating lender. 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.