Borrowers can get Down Payment Assistance up to $8,000 from SC Housing
The South Carolina State Housing Finance and Development Authority (SC Housing) is a self-sustaining agency committed to ensuring that South Carolinians have the opportunity to live in safe, decent, and affordable housing. SC Housing is offering up to $8,000 in what they are calling *Forgivable Down Payment Assistance (DPA) to borrowers that meet certain requirements. This DPA may be used towards a borrower’s down payment, closing costs and/or prepaid items. Borrowers must meet sales price and income limits, in addition to SC Housing’s first mortgage requirements. This offering is available on both new and existing homes. Technically this is considered a second mortgage with either a ten (10) year or twenty (20) year term (based on household income). Borrowers who are at or below 80% AMI will receive the ten year term, and those borrowers above 80% AMI will receive a 20 year term. The interest rate is zero and there are no monthly payments. The borrower must occupy the subject property for the term (10 or 20 years) of the lien for the assistance to be fully forgiven.
Visit SC Housing to obtain the latest requirements for this program.