South Carolina State Housing

          The South Carolina State Housing and Development Authority is a government agency that will give up to $4,000 of down payment assistance to qualifying applicants. In order to qualify, you must be purchasing a home in South Carolina and make less than 80% of area median income. Every year you live in the home, the down payment assistance is forgiven by 20%, so at the end of 5 years, none of the down payment assistance is owed back. 

         In most circumstances, buyers who use this program hardly pay anything at closing. The $4,000 covers most of the down payment, and the sellers often pay the closing costs. This is a great way to get nearly 100% financing, if you qualify. 

         Income qualification can be complicated, applicants must make enough to be able to pay the monthly payments, but they cannot make more than 80% of median income. The income limits increase with every household member, but the total household income is used, not just that of the applicant.

         To find out if you qualify, you must speak to a competent mortgage broker, who can pre-qualify you. We offer informative consultations that include a free credit report. If you are interested, call us today to see if you qualify.

        Be sure to read about another down payment assistance option for those purchasing real estate in Greenville County, the Greenville Housing Fund will also provide up to $3,000 of down payment assistance to eligible first time homebuyers in Greenville.
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