South Carolina
residents may qualify for down payment assistance based on their income, job status and parental status.
Buying a home is truly part of the traditional American dream. For many families, achieving this dream can seem next to impossible. The state of South Carolina offers home buyer programs aimed at helping families purchase their first home. These programs are designed to provide qualifying applicants with assistance for a down payment, allowing them to purchase a new home without the savings account running dry.
Palmetto Heroes Program
In 2010, the South Carolina State Housing Finance and Development Authority (SCSHFDA) allocated $40 million in funds for the state's Palmetto Heroes Program. The Palmetto Heroes program has been designed to provide down payment assistance and a reduced mortgage interest rate for firefighters, police officers, police officers, EMS staff and teachers. In order to qualify, individuals must meet career guidelines in their respective fields. Police officers must be employed full-time with a state or local agency. Corrections officers with the South Carolina State Department of Corrections also qualify. Firefighters and EMS must be a full-time employee or a volunteer with a state or local agency. Teachers must hold a South Carolina Teachers Certification and be employed as a classroom teacher. Those who hold a contract to begin teaching within 60 days of closing also qualify. Qualified applicants should contact a participating lending partner directly. Lending information can be found on the SCSHFDA website.
South Carolina State Housing Finance and Development Authority
300-C Outlet Pointe Blvd.
Columbia, South Carolina 29210
sha.state.sc.us
803.896.9001
Down Payment Assistance
The SCSHFDA also offers down payment and closing cost assistance to low- and mid-income families in South Carolina. Qualified applicants are provided with $5,000 in the form of a $3,000 forgivable loan and a $2,000 repayable loan. Homeowners must live in the purchased property for a minimum of five years. After this period, the $3,000 loan will be forgiven. The $2,000 loan features a fixed interest rate of four percent. Applicants do not have to begin paying on the loan until the third anniversary of their first mortgage payment. In order to qualify, applicants must be first time home buyers and cannot have owned a home within the past three years. Families must meet a minimum credit score of 620 or have alternative qualifying credit as determined by the SCSHFDA. Properties that qualify for SCSHFDA down payment assistance include stick built single family homes, townhouses, condominiums and new, off-frame modular homes.
South Carolina State Housing Finance and Development Authority
300-C Outlet Pointe Blvd.
Columbia, South Carolina 29210
sha.state.sc.us
803.896.9001
Single Parent Program
For single parents, the SCSHFDA waives the first-time buyer requirement for down payment assistance, according to the organization's website. Qualified single parents are eligible for $5,000 in down payment assistance provided they do not own a home at the time of purchase. They must also be the head of a household and custodial parent of at least one child under the age of eighteen.
South Carolina State Housing Finance and Development Authority
300-C Outlet Pointe Blvd.
Columbia, South Carolina 29210
sha.state.sc.us
803.896.9001
Tags: South Carolina, Carolina State, payment assistance, South Carolina State, Carolina State Housing, Development Authority, Finance Development
