State Program
SC Housing Palmetto Home Advantage | South Carolina Housi...
SC Housing Palmetto Home Advantage combines affordable financing with up to 4% of loan amount dpa to help South Carolinians purchase or improve homes.
Program Details
**SC Housing Palmetto Home Advantage** is overseen by SC Housing to expand safe, affordable housing in South
Carolina. Qualified borrowers may pair fixed‑rate mortgages with up to 4% of loan amount dpa 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.
Carolina. Qualified borrowers may pair fixed‑rate mortgages with up to 4% of loan amount dpa 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.
Eligibility Requirements
- 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.
- 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.
Program Benefits
- **Up to 4% of loan amount DPA** 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.
- 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.
How to Apply
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.
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.
Program Overview
Category
State Program
Maximum Assistance
$4
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.