Programs For SC 1st Time Buyers
First time home buyers in South Carolina have many options available to them for help in purchasing their first residence. The South Carolina State Housing Finance and Development Authority (SCSHFDA) provides some very generous programs for South Carolina residents seeking to purchase their first home.
Here are some highlights:
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.
First-Time Home Buyers in Non-Targeted Counties
Aiken ~ Anderson ~ Charleston ~ Greenwood ~ Greenville ~ Lancaster ~ Lexington ~ Oconee ~ Pickens ~ Richland ~ Spartanburg ~ York
For complete details on these programs, including contact information and instructions on how to apply, please visit the SCSHFDA page which outlines each program.
More South Carolina First Time Buyer Programs
In addition to the above homebuyer programs offered by SCSHFDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine eligibility for programs near you, please visit local first time home buyer programs in South Carolina.