South Carolina Housing Homebuyer Program

What is the South Carolina Housing Homebuyer Program?

The South Carolina Housing Homebuyer Program offers affordable mortgage options for low-to-moderate-income families, featuring competitive interest rates and assistance with down payments and closing costs.

Who is eligible for the South Carolina Housing Homebuyer Program?

Eligibility is determined based on income limits, creditworthiness, and whether the applicant is a first-time homebuyer or purchasing in a targeted area.

What is considered a first-time homebuyer?

A first-time homebuyer is defined as someone who has not owned a home as their primary residence within the past three years, although exceptions apply for properties in targeted areas.

What types of financial assistance are available?

The program provides down payment and closing cost assistance, which can significantly reduce the upfront expenses of purchasing a home.

What are the income limits for the program?

Income limits vary based on the county, household size, and the specific program being applied for. They are designed to assist low-to-moderate-income households.

What are the credit score requirements?

Applicants typically need a minimum credit score of 640 to qualify, but higher scores may be required for certain programs.

What is the maximum purchase price for eligible homes?

As of 2025, the maximum purchase price for properties varies by county and ranges from $310,000 to $510,000, depending on location and program criteria.

Do I need to complete homebuyer education?

Yes, first-time homebuyers are required to complete a homebuyer education course to ensure they are prepared for the responsibilities of homeownership.

Can these programs be used for various property types?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also qualify if they are permanently affixed and meet program standards.

Is mortgage insurance required?

Yes, mortgage insurance is typically required for loans with down payments less than 20%. The program offers competitive rates to minimize costs for buyers.

Can the program be combined with other assistance programs?

Yes, South Carolina Housing programs can often be combined with local or federal assistance programs to maximize benefits for eligible buyers.

What is the debt-to-income (DTI) ratio requirement?

The maximum DTI ratio is usually 45%, though exceptions may be made for borrowers with strong credit profiles.

Are there reserve requirements for applicants?

There are generally no reserve requirements for these programs, allowing greater flexibility for borrowers with limited savings.

Are repeat homebuyers eligible?

Yes, repeat homebuyers may qualify if purchasing in targeted areas or if other program criteria are met.

What is the process to apply for the program?

Applicants must meet with an approved lender who will assist in verifying eligibility, completing the application, and submitting required documentation.

Are there fees associated with these programs?

Standard mortgage fees, including origination and processing fees, may apply. Borrowers should discuss these with their lender during the application process.

Can I use this program for new construction homes?

Yes, the program can finance newly built homes, provided they meet eligibility requirements and purchase price limits.

Are there location requirements for eligible properties?

Properties must be located within South Carolina and meet program guidelines for eligibility.

Is refinancing available through South Carolina Housing?

The program primarily focuses on home purchases. Refinancing options may be available through other programs offered by approved lenders.

What are the benefits of the South Carolina Housing Homebuyer Program?

The program provides affordable mortgage solutions with lower monthly payments, assistance for upfront costs, and support for building long-term financial stability through homeownership.