DOWN PAYMENT ASSISTANCE PROGRAM
First Time Home buyers can take advantage of down payment assistance and grants available in South Carolina. The definition of a First Time Home Buyer does not always mean you never owed a home before. If you have owned a property in the last 3 years, you can still qualify for some down payment assistance programs.
Down payment assistance programs are administered by either a local or state housing authority, a nonprofit organization or directly through a lender. They provide the home buyer with a set amount of funds to use to cover their down payment or closing costs on their purchase.
There are several programs in South Carolina with varying levels of down payment assistance available. The average program has approximately $6,000.00 in available assistance. SC Housing offers various programs that includes conventional financing with competitive first mortgage rates and down payment assistance (DPA). These programs also includes a “First Time Home buyer exception” for qualified burrowers, and an “extended Rate Lock with Float Down Options” for new constructions. All programs have different guidelines and qualifications and can change or end at any given time.
|Here are some examples:|
|2.75% interest rate on 15 year loan with no down payment required- National Program|
|3.5% interest rate on 30 year loan with no down payment required- National Program|
|$10,000 Principal reduction, 95% closing cost assistance, 1/2 of down payment paid for. City Program|
|$10,000 to $14,500 based on Area Median Income Percentage % City Program|
|First-time home buyer program which provides principal reduction, down payment, and closing costs assistance up to $10,000.00. Also, may provide a grant of up to $1,500.00 for Minimum Housing Standards repairs. City Program|
|$14,200 for new construction, $9,500 for resale properties, For new houses in select target areas, participants may receive up to $25,000 County Program|
|100% Financing in designated rural areas, no down payment required- National Program|
There are regulations and guidelines that you as a home buyer must meet in order to qualify for these loans. Typically there is income level requirement, regulations on the type of house and cost of house, location of home, etc. Since programs change continuously for more information regarding these programs, please feel free to reach out to me at firstname.lastname@example.org or click on the chat box located on bottom right hand side of this page.