South Carolina is the Palmetto State.
South Carolina's state motto is "Animis opibusque parti" or "Prepared in mind and resources." This rings especially true for first-time home buyers. According to the South Carolina 2010 Housing Market Quarterly Report, the trend for home buyers is toward frugality, purchasing less expensive homes than in times past. With that price-sensitive mindset, first-time buyers may wonder what resources are available to help them purchase that first home, particularly assistance with the down payment.
South Carolina State Grants
Some grants require no down payment.
The website Down Payment Solutions lists several grant opportunities for down payments and other costs related to purchasing a home. These grants typically have no contribution requirements. The main qualifier is income. Income requirements vary according to the area where you intend to purchase. Approval for a low-interest loan is another requirement, and you cannot have owned a home in the last three years. Disqualifications include tax liens, unpaid child support and past foreclosure.
Assistance programs include the Richmond County United Black Fund of the Midlands/Columbia Housing Authority Homeownership Program (HOP), at 803-256-0207; the Rock Hill Joint Venture Affordable Housing Corporation First Time Homebuyers' Down Payment & Closing Cost Assistance Program, at 803-329-8719; and the Spartanburg County HOMEownership Program (HOP), at 864-596-2416.
South Carolina State Finance and Development Authority Loan Program
Loan programs offer monetary assistance.
The South Carolina State Finance and Development Authority (SCSFDA) has loan programs to help first-time buyers. These programs are based on income with competitive interest rates and down payment/closing cost assistance with little or no out-of-pocket funds if qualifications are met. SCSFDA loans offer fixed interest rates. Loan programs come under a variety of categories, including single parent program, disability program and first-time buyers in targeted and nontargeted counties. Each loan program has different qualifications.
South Carolina Housing Finance and Development Authority
300-C Outlet Pointe Boulevard
Columbia, SC 29210
803-896-9001
sha.state.sc.us
Guaranteed Rural Housing Program
South Carolina participates in the United States Department of Agriculture's Guaranteed Rural Housing Program (GRH). The GRH Loan Program Housing Guide states that a GRH loan has many benefits for buyers, such as no down payment, no cash reserves required and no square footage limitations. Properties may be new or existing, but they must be located in rural areas of South Carolina. Properties listed for sale may be single family units, multiple family units, or farms and ranches. The GRH Loan Program Guide contains a list of all rural counties and samples of paperwork needed for the application process.
rurdev.usda.gov/sc/GRH%20422-2008%20guide%20.pdf
Tags: South Carolina, Carolina State, Development Authority, down payment, Finance Development, Finance Development Authority, first-time buyers
