Financial Assistance for Homebuyers in South Carolina
Via the Homeownership Program, borrowers may qualify for one of the following down payment assistance options:
Repayable Down Payment Assistance
SC Housing offers qualified individuals with a $6,000 down payment assistance program, in the form of a repayable, second mortgage. This option is for borrowers who fall above 80 percent of the median income, to help finance a newly constructed home. This mortgage comes with a 10-year term and a fixed interest rate of 2 percent. Repayment of the loan begins in the same month as the first mortgage begins, and runs concurrently for the 10 years. In addition to SC Housing first mortgage requirements, all borrowers must meet Repayable DPA Sales Price and Income Limits.
Forgivable Down Payment Assistance
This assistance program is for borrowers who fall below the 80 percent of the median household income. SC Housing offers $6,000 down payment assistance for qualified borrowers in the form of a 10-year, forgivable, second mortgage. This means that it does not need to be repaid; there is zero interest and no monthly payments. As long as the borrowers occupy the home for a period of 10 years, the assistance will be fully forgiven. In addition to SC Housing first mortgage requirements, all borrowers must meet Forgivable DPA Sales Price and Income Limits.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in South Carolina
The South Carolina State Housing Finance and Development Authority understands that many individuals don't have the down payments to make their dreams of homeownership a reality. That’s why SC Housing began the Homeownership Program.
The Richland County Home-ownership Assistance Program provides down payment and closing cost assistance to make home-ownership possible in unincorporated Richland County.
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