Down Payment Path

Down Payment Assistance Programs in South Carolina

South Carolina offers a range of programs to help homebuyers with down payments and closing costs. These initiatives are designed to assist both first-time and repeat buyers, making homeownership more achievable across the Palmetto State.

SC Housing Down Payment Assistance

The SC Housing Down Payment Assistance program provides financial support to eligible homebuyers for upfront costs.

  • Offers up to $10,000 in assistance as a forgivable loan.
  • Forgiveness occurs after 10 years if the buyer remains in the home as their primary residence.
  • Pairs with SC Housing's affordable mortgage options, including FHA, VA, USDA, and conventional loans.
  • Open to buyers meeting income and purchase price limits.

Palmetto Heroes Program

The Palmetto Heroes Program is designed to assist public service professionals, such as educators, law enforcement officers, and healthcare workers, with down payment assistance.

  • Provides up to $12,000 for down payments and closing costs.
  • Features below-market interest rates on 30-year fixed mortgages.
  • Eligibility includes specific professions and income requirements.

USDA Rural Development Loans

For buyers in rural South Carolina, the USDA Rural Development Loan offers financing with no down payment required.

  • Available to low- and moderate-income buyers in USDA-designated rural areas.
  • Offers competitive interest rates and flexible credit requirements.
  • Can be combined with SC Housing programs to cover closing costs.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) program provides significant tax savings for homebuyers, reducing the long-term cost of homeownership.

  • Allows buyers to claim a federal tax credit for a portion of their annual mortgage interest.
  • Can be paired with SC Housing loans and other assistance programs.
  • Income and purchase price limits apply but are set to accommodate many buyers.

Local Assistance Programs

Several cities and counties in South Carolina offer additional resources for homebuyers to help cover upfront costs.

  • Programs in areas like Charleston, Columbia, and Greenville often provide grants or low-interest loans for down payments and closing costs.
  • Some local initiatives target buyers in revitalization zones or provide enhanced benefits for public service workers.
  • Eligibility and funding levels vary based on location and program specifics.

South Carolina’s down payment assistance programs are designed to reduce financial barriers and make homeownership more attainable. Whether you’re purchasing your first home or upgrading, these resources can help you achieve your dream of owning a home in the Palmetto State.