Homeownership Program

The South Carolina State Housing Finance and Development Authority (SC Housing) understands that many individuals are unable to make their dreams of homeownership a reality because they are unable to make large down payments. That’s why SC Housing began the Homeownership Program. The program assists low-to-moderate income borrowers, not only with a competitive, fixed rate mortgage, but down payment assistance as well.

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.