SC Housing Homebuyer Program

What is 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.

Do you have to pay it back?

SC Housing Homebuyer Program is forgiven after 20 years, so a buyer 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.

Who qualifies?

SC Housing Homebuyer Program 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 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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

SC Housing Homebuyer Program serves buyers 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.

How do you 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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved counseling agency or SC Housing-approved online provider (Framework, eHome America)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved through SC Housing's Lender Online portal at time of rate lock by approved participating lender., 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.