First-time home
buyers sometimes need help with down payment assistance.
First-time home buyers in South Carolina may be able to qualify for help with down payments and closing costs. Assistance is based on availability and limits on house prices also apply.
Non-Targeted Counties
Buyers who haven't owned a home in the last three years may qualify for this program that offers a $5,000 Forgivable Second Mortgage Loan. Borrowers must live in the property for five years in order for the loan to be forgiven. To qualify, an applicant's income must at or below 80 percent of median income, based on HUD median income guidelines that varies by county.
Targeted Counties
Borrowers who don't own a home at the time of closing their new loan may qualify for assistance which, like the Non-Targeted Counties package, consists of a $5,000 Forgivable Second Mortgage Loan. Other requirements are the same as the Non-Targeted Counties program.
Palmetto Heroes Program
Borrowers who meet the first-time home buyer requirements, and who qualify as a "hero," may be able to get down payment assistance from this program. The heroes honored can change each year. Those chosen for the 2010 program include police officers, EMS, fire fighters and teachers. Heroes can reside anywhere in the state.
Disability Program
Individuals or families with disabilities can get help with down payments if the borrower is 100 percent permanently disabled or is the custodial parent or legal guardian of someone who is 100 percent permanently disabled. The first-time home buyer requirement is waived for this program.
Single Parent
Single parents who are head of household and the custodial parent of a minor child under the age of 18 may qualify for this program. The first-time home buyer requirement is waived.
Tags: this program, first-time home, first-time home buyer, help with, help with down
