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South Carolina Palmetto Heroes Program

The South Carolina Palmetto Heroes Program, offered by SC Housing, is designed to support community heroes, including teachers, first responders, and other public service professionals, in achieving affordable homeownership. By offering favorable mortgage terms and financial assistance, this program recognizes and supports those who serve South Carolina communities.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring stable and manageable monthly payments.
  • Provides up to $10,000 in down payment and closing cost assistance, reducing upfront financial barriers.
  • Supports eligible community heroes, including teachers, firefighters, law enforcement officers, EMS personnel, and military members.
  • Assistance is structured as a forgivable loan, with no repayment required if the buyer resides in the home for a specified period, typically 10 years.
  • Can be combined with additional SC Housing programs for enhanced financial flexibility.

Eligibility Requirements

  • Applicants must work in eligible professions, such as education, emergency services, or military service, and meet program-specific requirements.
  • Income limits apply and vary based on household size and property location within South Carolina.
  • The property must be located in South Carolina and used as the buyer’s primary residence.
  • A minimum credit score of 620 is typically required, with lender-specific underwriting criteria also applicable.
  • Participants must complete an SC Housing-approved homebuyer education course to prepare for the responsibilities of homeownership.

Additional Information

The South Carolina Palmetto Heroes Program is a vital resource for those who dedicate their lives to serving their communities. By offering affordable mortgage options and targeted financial assistance, the program empowers eligible community heroes to achieve stable housing and build long-term equity. Administered by SC Housing, this initiative strengthens communities and supports sustainable homeownership throughout the state.

Frequently Asked Questions About Our Program

What is the South Carolina Palmetto Heroes Program?

The Palmetto Heroes Program provides affordable mortgage options and down payment assistance to eligible professionals who serve their communities, such as teachers, first responders, healthcare workers, and military personnel.

Who qualifies for the Palmetto Heroes Program?

Eligible applicants include law enforcement officers, firefighters, emergency medical service personnel, educators, healthcare workers, and military service members or veterans residing in South Carolina.

How much assistance is available through the program?

Qualified homebuyers can receive up to $10,000 in down payment assistance, which may be provided as a forgivable loan depending on the terms of the program.

Is the program only for first-time homebuyers?

While the program is designed to assist first-time homebuyers, repeat buyers may also qualify if purchasing in designated targeted areas or meeting other eligibility requirements.

What are the income limits for the Palmetto Heroes Program?

Income limits vary by county and household size but are structured to benefit low-to-moderate-income families. Specific limits are updated annually to reflect current economic conditions.

What types of homes are eligible for purchase?

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

What is the minimum credit score required?

Most applicants must have a credit score of at least 640 to qualify, though higher scores may strengthen eligibility for certain loan options.

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Does the program require homebuyer education?

Yes, completing a homebuyer education course is mandatory for all participants to ensure they are well-prepared for homeownership responsibilities.

Does the down payment assistance have to be repaid?

In most cases, the assistance is provided as a forgivable loan that does not need to be repaid if the buyer meets the program's residency requirements, typically remaining in the home for 10 years.

Can the assistance be used for closing costs as well?

Yes, the program allows the funds to cover both down payment and eligible closing costs, helping to reduce the upfront financial burden of purchasing a home.

What is the maximum purchase price for homes under this program?

As of 2025, the maximum allowable purchase price varies by county and typically ranges from $310,000 to $510,000, depending on the program's guidelines.

Are there any location restrictions for properties?

Yes, properties must be located within South Carolina and meet the program’s eligibility criteria for location and type.

Can the program be combined with other assistance programs?

Yes, the Palmetto Heroes Program can often be combined with other state or local programs to maximize benefits for homebuyers.

Are there debt-to-income (DTI) ratio requirements?

The maximum DTI ratio is generally 45%, although exceptions may be made for applicants with strong credit profiles or other compensating factors.

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Can this program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price limits and other requirements.

Are there fees associated with participating in the program?

Standard mortgage-related fees, such as origination and processing fees, may apply. These fees should be discussed with your lender as part of the application process.

How does the forgivable loan aspect of the program work?

The forgivable loan typically requires the buyer to live in the home for a set period, such as 10 years. If the buyer sells or moves before this time, repayment may be required.

Can the program be used with FHA, VA, or USDA loans?

Yes, the program’s assistance can be applied to FHA, VA, USDA, and conventional loans, provided they meet the program’s eligibility criteria.

What are the benefits of the Palmetto Heroes Program?

The program reduces the financial barriers to homeownership by providing affordable loans, down payment assistance, and education to community-serving professionals.

What is the process to apply for the Palmetto Heroes Program?

Applicants need to work with an approved lender who will verify eligibility, complete the application process, and guide them through securing the assistance.

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