If You’re a First Time Home Buyer SC Wants You!
There are many reasons to purchase a home in South Carolina – the beautiful and relaxing beaches and coastal cities; the many thriving and expanding businesses and employers; the wonderfully mild year-round climate, and so much more. But did you know there are also mortgage programs designed to help you purchase your first home in SC? You can buy a home in Myrtle Beach SC; buy a home in Charleston SC; or buy your first home in any of the numerous fascinating and fast-growing nooks of South Carolina, with little or no money down. Read on for first time home buyer SC loan options.
SC Housing Home Buyer Program
Saving for the purchase of your first home can be challenging and sometimes seem impossible. While it is always a good idea to save, life has a way of derailing your best intentions and upending your plans; and sometimes the need for that first home can arise more quickly than you can prepare and save for that big purchase. Whatever the reason, if you find yourself staring down the barrel of your first home purchase and your first mortgage, but with no down payment, do not despair. Luckily, the SC Housing Home Buyer Program has a solution for many. It offers down payment assistance of $6,000 for qualified first time home buyers in SC. The down payment assistance may be repayable as a second mortgage or can even be forgivable in some circumstances.
The SC Housing down payment program is pairable with FHA (3.5% down), conventional (3% down), and USDA (no down payment, in eligible areas) first mortgage programs. So you could purchase a $200,000 home with a 97% conventional mortgage, using the $6000 assistance from SC Housing for the required 3% down payment. Alternatively, you could combine a USDA first mortgage with the $6000 SC down payment assistance to potentially cover closing costs and expenses. In addition to SC DPA guidelines, USDA loans have property and income eligibility requirements. For further details on qualifying for the SC Housing Homebuyer program, and for home price limits and income eligibility details, visit our top ranked SC DPA article.
Buy Your SC Home Today!
First time home buyer SC loan options can be explored in our popular SC Down Payment Assistance article. Keep in mind when looking for a lender to work with on your first home purchase that you must close both the first mortgage and the “second mortgage” simultaneously. Additionally, both must be with the same lender.