Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Must meet same income and purchase price limits as SC Housing Homebuyer Program
Property must be a single-family home, condominium, townhome or modular home
Pros
Comes with forgivable down payment assistance
Open to first-time and move-up borrowers
Cons
Not available in every county
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Minimum credit score for an FHA loan is 640, which is higher than the typical 580
SC Housing Palmetto Home Advantage
SC Housing’s Palmetto Home Advantage program is not solely for first-time homebuyers, but you can use the offering for your first home purchase. If you need to pay mortgage insurance (an expense paid by most homebuyers who can’t put down 20 percent), the program offers a reduced insurance rate, as well.
Minimum 640 credit score
Maximum borrower income of $127,200 (not dependent on total household)
Pros
Open to first-time and repeat homebuyers
No sales price limit
Reduced mortgage insurance on conventional loans
Option to include forgivable down payment assistance (more on that below)
Cons
Some counties have limited approved lenders
SC Housing County First
SC Housing’s County First program is designed specifically for buyers in rural areas of the Palmetto State where local conditions make purchasing a home more challenging. It’s available to first-time buyers and move-up buyers in the following counties:
Abbeville
Allendale
Bamberg
Barnwell
Calhoun
Chester
Clarendon
Dillion
Edgefield
Fairfield
Georgetown
Hampton
Jasper
Lee
Marion
Marlboro
McCormick
Newberry
Saluda
Williamsburg
Must meet same income and purchase price limits as SC Housing Homebuyer Program
Property must be a single-family home, condominium, townhome or modular home
Pros
Comes with forgivable down payment assistance
Open to first-time and move-up borrowers
Cons
Not available in every county
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
Reduced mortgage insurance requirements for conventional loans
Open to multiple property types
Can be paired with down payment assistance (more on that below)
Cons
Minimum credit score for an FHA loan is 640, which is higher than the typical 580
SC Housing Palmetto Home Advantage
SC Housing’s Palmetto Home Advantage program is not solely for first-time homebuyers, but you can use the offering for your first home purchase. If you need to pay mortgage insurance (an expense paid by most homebuyers who can’t put down 20 percent), the program offers a reduced insurance rate, as well.
Minimum 640 credit score
Maximum borrower income of $127,200 (not dependent on total household)
Pros
Open to first-time and repeat homebuyers
No sales price limit
Reduced mortgage insurance on conventional loans
Option to include forgivable down payment assistance (more on that below)
Cons
Some counties have limited approved lenders
SC Housing County First
SC Housing’s County First program is designed specifically for buyers in rural areas of the Palmetto State where local conditions make purchasing a home more challenging. It’s available to first-time buyers and move-up buyers in the following counties:
Abbeville
Allendale
Bamberg
Barnwell
Calhoun
Chester
Clarendon
Dillion
Edgefield
Fairfield
Georgetown
Hampton
Jasper
Lee
Marion
Marlboro
McCormick
Newberry
Saluda
Williamsburg
Must meet same income and purchase price limits as SC Housing Homebuyer Program
Property must be a single-family home, condominium, townhome or modular home
Pros
Comes with forgivable down payment assistance
Open to first-time and move-up borrowers
Cons
Not available in every county
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
South Carolina offers the charm of coastal living without the overwhelming price tag that scares away buyers in many other oceanside states. Still, as of January 2025, the median home sales price in South Carolina increased by 1.7 percent from the year prior, according to Redfin, but homes are taking longer to sell. The typical home in South Carolina takes 86 days to sell, up 12 percent from the year before.
The South Carolina State Housing Finance and Development Authority — known as SC Housing — has been working to make homes more affordable in the state for the past 50 years. Read on to see how you can get first-time homebuyer assistance in South Carolina.
South Carolina housing market statistics
Median sales price, as of Jan. 2025 (Redfin): $378,300
Median down payment, as of Dec. 2024 (ATTOM): $327,000
Most affordable counties, as of Dec. 2024 (ATTOM): Allendale, Bamberg, Darlington, Lee, Marlboro
South Carolina first-time homebuyer programs
SC Housing Homebuyer Program
SC Housing’s Homebuyer Program includes 30-year conventional, FHA, VA and USDA loans with competitive fixed interest rates and down payment assistance. The program is open to first-time homebuyers and those who have not owned a home in the past three years, or repeat buyers in certain “targeted counties.”
3 percent down payment for conventional loan; 3.5 percent down payment for FHA loan; no down payment required for VA or USDA loan
640 minimum credit score for all loan types
Must meet SC Housing income limits, which vary based on where you’re buying and how many will live in the household, and purchase price limits
Must be buying a single-family, off-frame modular home, a townhome or FHA-approved condominium in South Carolina
Pros
Competitive interest rates
Reduced mortgage insurance requirements for conventional loans
Open to multiple property types
Can be paired with down payment assistance (more on that below)
Cons
Minimum credit score for an FHA loan is 640, which is higher than the typical 580
SC Housing Palmetto Home Advantage
SC Housing’s Palmetto Home Advantage program is not solely for first-time homebuyers, but you can use the offering for your first home purchase. If you need to pay mortgage insurance (an expense paid by most homebuyers who can’t put down 20 percent), the program offers a reduced insurance rate, as well.
Minimum 640 credit score
Maximum borrower income of $127,200 (not dependent on total household)
Pros
Open to first-time and repeat homebuyers
No sales price limit
Reduced mortgage insurance on conventional loans
Option to include forgivable down payment assistance (more on that below)
Cons
Some counties have limited approved lenders
SC Housing County First
SC Housing’s County First program is designed specifically for buyers in rural areas of the Palmetto State where local conditions make purchasing a home more challenging. It’s available to first-time buyers and move-up buyers in the following counties:
Abbeville
Allendale
Bamberg
Barnwell
Calhoun
Chester
Clarendon
Dillion
Edgefield
Fairfield
Georgetown
Hampton
Jasper
Lee
Marion
Marlboro
McCormick
Newberry
Saluda
Williamsburg
Must meet same income and purchase price limits as SC Housing Homebuyer Program
Property must be a single-family home, condominium, townhome or modular home
Pros
Comes with forgivable down payment assistance
Open to first-time and move-up borrowers
Cons
Not available in every county
Limited number of approved lenders in some counties
Mortgage credit certificate
SC Housing’s mortgage credit certificate program lets first-time buyers plan ahead to reduce their federal tax obligation for the life of the loan. That means that you can score up to $2,000 in tax benefits each year until you pay off your mortgage.
Home must be your primary residence
Must be a single-family home, condominium, townhome, modular home or manufactured home
Cannot have owned a home in the last three years (exceptions for veterans and homes in targeted counties)
Meet all lender requirements and income and purchase price limits
Pros
Annual tax benefit for the duration of the loan
Can request the seller of the home to cover the cost of the credit
Cons
$500 fee, plus lenders can charge an additional $500 processing fee
South Carolina down payment assistance
SC Housing down payment assistance
If you’re obtaining a home loan through SC Housing, you could be eligible for forgivable down payment assistance to pair with the loan. There are no monthly payments, and the loan is forgiven after a certain time in the home. You must complete a homebuyer education course to receive down payment assistance.
Pros
No monthly payments
No interest
Forgiven after 15 years with SC Housing Homebuyer Program loans; 10 years with Palmetto Home Advantage
Cons
Potential repayment required if you need to relocate before the loan term ends
CommunityWorks down payment assistance
CommunityWorks helps buyers throughout the Palmetto State come up with upfront funds for down payment and closing costs. The organization works with buyers in certain areas, including areas like Greenville, Spartanburg, Beaufort and Bluffton. Some assistance is in the form of a forgivable loan, while other types may require repayment (typically for buyers with higher incomes).
Pros
Large amounts of assistance available (up to $25,000), especially for lower-income borrowers
Has zero interest
Can be used toward down payment and closing costs
Cons
Most programs require a minimum investment of your own money of at least $500 – $1,000
$325 loan origination fee
Other South Carolina first-time homebuyer loans
While you’re considering first-time buyer programs in South Carolina, be sure to explore nationally available first-time buyer loan programs like:
FHA loans – If you have a lower credit score or limited savings, consider an FHA loan. These loans are widely available, have a minimum credit score of 580 and require a down payment of as little as 3.5 percent.
VA loans – If you’re a member of the military or veteran, you could qualify for a VA loan, which doesn’t require a down payment.
USDA loans – USDA loans don’t have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area. You typically need a credit score of 640 or higher to qualify.
Good Neighbor Next Door program – This HUD program has a very low down payment requirement on homes in certain areas, coupled with the ability to save 50 percent on the purchase price.
Get started
If you’re ready to get serious about becoming a South Carolina homeowner, follow these tips to make the process as smooth and affordable as possible.
Get your credit in the best shape possible: By taking steps to boost your score before applying for a mortgage, you’ll be in the best position to secure the lowest rate possible.
Compare South Carolina mortgage rates: Compare current mortgage rates so you can budget for your homebuying journey and find a lender offering the most competitive rates.
Read South Carolina mortgage lender reviews: The rate is important, but it’s not the only piece of the puzzle when purchasing a home. Look at what other borrowers are saying about their experience, and pay close attention to fees and closing timelines. And if you’re planning to apply for a first-time buyer program sponsored by SC Housing, make sure to consider an approved lender.
Estimate your homeowners insurance costs: The cost to protect your home will vary depending on where you’re buying in South Carolina. Be sure to factor in what this expense will mean for your budget, and be especially mindful of whether you may need to purchase additional flood insurance.
Educate yourself about the South Carolina housing market: The more you know about the market, the more confident you can feel when you start touring homes and making an offer.
