SC Housing Forgivable Down Payment Assistance | South Car...

SC Housing Forgivable Down Payment Assistance is overseen by SC Housing to expand safe, affordable housing

in South Carolina. Qualified borrowers may pair fixed‑rate mortgages with up to $6,000 forgivable loan to curb

down‑payment, closing‑cost, or rehabilitation expenses. The program collaborates with HUD‑approved counseling

partners, offers post‑purchase financial coaching, and can be layered with Mortgage Credit Certificates or

USDA rural incentives. Funds are released through a network of lenders statewide on a first‑come, first‑served

basis. Homes must pass South Carolina building‑code and safety inspections; rehab projects are monitored

through draw schedules.

• U.S. citizen, permanent resident, or qualifying non‑citizen.

• Household income ≤ SC Housing limits (e.g., $99,000 for a family of 4 in Richland County, 2025).

• Purchase price within county caps (e.g., $349,525 for existing homes in Greenville County).

• Minimum 620 credit score (680 for conventional).

• Debt‑to‑income ratio ≤ 45 %.

• Completion of an 8‑hour HUD‑approved homebuyer education course.

• Up to $6,000 forgivable loan applied toward down payment, closing costs, or repairs.

• 30‑year fixed‑rate mortgage at affordable terms.

• No prepayment penalty; forgivable assistance after required occupancy period.

• Access to foreclosure‑prevention counseling and budget coaching.

1. Pre‑approval: Consult an SC Housing‑approved lender; verify credit and income.

2. Education: Complete HUD homebuyer training; secure certificate.

3. Reserve funds: Lender locks interest rate and reserves assistance via SCHousing portal.

4. Underwriting & appraisal: Provide full documentation; property inspection conducted.

5. Closing: Sign first mortgage and subordinate lien documents; receive assistance funds.

6. Occupancy & compliance: Move in within 60 days and comply with monitoring for forgiveness.