Get Help Towards Your Down Payment
If you’re looking for down payment assistance in South Carolina, help is available. The South Carolina State Housing Finance and Development Authority may have down payment assistance funds available to pay all or part of the required down payment.
From the SC Housing website:
The South Carolina State Housing Finance and Development Authority has various loan programs that may help you buy a home. Interest rates are competitive and depending on your income, there is down payment/closing cost assistance available to assist you in purchasing a home with little or no out of pocket funds. The major benefits to home buyers are lower interest rates and reduced mortgage insurance rates that allow you to have a more affordable monthly payment and save thousands of dollars over the life of a mortgage.
All SC Housing Loan Programs are based on a fixed interest rate loan with a maximum loan-to-value (LTV) of 97% (for Rural Housing) or 96.5% (for FHA). Therefore, if you buy a home for $100,000, the minimum down payment that would be required is $3,000 (for Rural Housing) or $3,500 (for FHA). Depending on your income, SC Housing may have down payment assistance funds available to pay all or part of the required down payment.
To find out if you qualify and to get started, simply visit SC Housing DPA program.
More South Carolina Down Payment Assistance
In addition to the above program, you should also check to see if there are local programs offered in South Carolina that provide additional help that can be applied toward your down payment.