Assistance Available for SC Buyers in Need of a Down Payment

So many things seem to block saving for a down payment on a house.  High rent payments, car repairs, hospital bills, plus other expenses get in the way.  But, there is a special program which allows South Carolina buyers to become homeowners!  It is called the down payment assistance SC program.  This program combines either an FHA or USDA loan along with $6000 in down payment assistance.  Therefore, it bridges the gap between the purchase price and loan amount.

Down Payment Assistance SC Features

We are happy to offer the SC Housing Homebuyer program with down payment assistance to SC buyers.  By combining the benefits of DPA with either a USDA or FHA loan, it helps create homeownership opportunities.  Some of the wonderful benefits of this home buying product include the following.down payment assistance sc

  • $6000 2nd mortgage loan amount
  • Use for down payment, closing costs, and/or pre-paids
  • Existing or new construction homes
  • Repayable over a 10 year term
  • Eligible for qualifying SC buyers and properties

In order to receive these benefits, there are some requirements.

SC DPA Homebuyer Eligibility Requirements

Like any mortgage home loan, there are requirements that buyers must first meet.  These include credit score, maximum debt to income ratios, and income limits.  Then there are also property requirements which we will discuss later.

Down Payment Assistance SC First Time Buyer Requirement

First of all, there is a first time buyer requirement but there are also exceptions to this rule.  Borrowers purchasing in these non-targeted counties must NOT have had ownership in a home within the last 3 years.  Aiken, Anderson, Charleston, Greenville, Greenwood, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, and York.  Buyers purchasing in other counties such as Horry, Georgetown, and other targeted counties may have owned another home prior to this closing.

First Time Buyer Exceptions in Non-Targeted SC Counties

The down payment assistance SC program makes exceptions for the first time buyer rule.

So, SC State Housing’s DPA product is as flexible as can be for South Carolina buyers.

Down Payment Assistance SC Income Limits

As with most DPA products, there are household income limits in order to qualify.  Household income limits are based on the number of people living in the home.  Additionally, all income received by each household member 18 and older must be included under the limit.  Keep in mind, if using USDA for the first mortgage, that income limit must be met as well.  Each county has its own income limit.  These limits are divided among 1 – 2 family members and 3 or more members.  Furthermore, they are broken down into groups of targeted versus non-targeted.  So first find your county in a targeted or non-targeted county.  Then, look under the list for the number of household members which will occupy the home.  Check out the full income list effective 6/15/2017 at the bottom of this article.

Down Payment Assistance SC Guidelines

This SC down payment assistance loan is available for purchase money loans.  But if using an FHA loan, it may also be used to pay off a construction loan.  So here are some of the guidelines for these mortgage products.

  • Minimum credit score:  USDA = 640, FHA = 620
  • Collections may sometimes be left open per program guidelines
  • Maximum debt to income ratio is 45%
    • If required to be a manual underwrite, then ratios are lower
  • 6% maximum seller paid costs for the buyer
  • Homebuyer education required – we will provide the class

But don’t try to qualify yourself.  Contact one of our approved loan officers for discussing your qualification for buying a new home.

Down Payment Assistance SC Property Requirements

  • $225,000 home price limit

    down payment assistance sc usda

    USDA Eligible Areas. Ask if Your SC Area is USDA Approved

  • Must be located within South Carolina
  • USDA loan – property must be in USDA eligible area
  • Allowed home types include:
  • CL-100 Termite Inspection must be clear

In addition to these, there are other general requirements such as applicable insurance, acceptable condition, and others.  Feel free to ask about any further details if there is a concern on a property.

Non-Targeted Counties – Exception to First Time Buyer Rule!

Repayable Down Payment Assistance

2017 SC Housing Homebuyer Income Limits Effective 6/15/17

2017 SC Housing homebuyer household income limits
SC County1 or 2 Persons3 or more persons
Aiken$62,000$71,300
Anderson$58,300$67,045
Charleston$68,800$79,120
Greenville$62,100$71,415
Greenwood$58,300$67,045
Lancaster$58,300$67,045
Lexington$67,000$77,050
Oconee$58,300$67,045
Pickens$62,100$71,415
Richland$67,000$77,050
Spartanburg$58,300$67,045
York$70,700$81,305

Targeted South Carolina Counties

2017 SC Housing Homebuyer Income Limits Effective 6/15/17

2107 SC Housing Homebuyer Targeted Counties Household Income Limits
SC County1 or 2 Persons3 or More Persons
Abbeville$69,960$81,620
Allendale$69,960$81,620
Bamberg$69,960$81,620
Barnwell$69,960$81,620
Beaufort$84,360$98,420
Berkeley$82,560$96,320
Calhoun$80,400$93,800
Cherokee$69,960$81,620
Chester$69,960$81,620
Chesterfield$69,960$81,620
Clarendon$69,960$81,620
Colleton$69,960$81,620
Darlington$69,960$81,620
Dillon$69,960$81,620
Dorchester$82,560$96,320
Edgefield$74,400$86,800
Fairfield$80,400$93,800
Florence$69,960$81,620
Georgetown$69,960$81,620
Hampton$69,960$81,620
Horry$69,960$81,620
Jasper$69,960$81,620
Kershaw$69,960$81,620
Laurens$69,960$81,620
Lee$69,960$81,620
McCormick$69,960$81,620
Marion$69,960$81,620
Marlboro$69,960$81,620
Newberry$69,960$81,620
Orangeburg$69,960$81,620
Saluda$80,400$93,800
Sumter$69,960$81,620
Union$69,960$81,620
Williamsburg$69,960$81,620

 

Author: Russell Smith

Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.