South Carolina Housing Homebuyer Program Guide

Guide to the South Carolina Housing Homebuyer Program

The South Carolina Housing Homebuyer Program offers affordable mortgage options and assistance to help eligible homebuyers achieve the dream of homeownership. With competitive interest rates and support for upfront costs, this program is designed to make homeownership more accessible for first-time buyers and others meeting the program criteria. Below is a comprehensive guide to the program’s benefits, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The South Carolina Housing Homebuyer Program provides affordable financing options to reduce the financial barriers to homeownership.
• Loan Terms: The program offers 30-year fixed-rate mortgages, ensuring predictable monthly payments and long-term affordability.
• Additional Assistance: Buyers may also qualify for down payment and closing cost assistance to further reduce upfront expenses.

2. Eligibility Requirements for 2025:

To qualify for the South Carolina Housing Homebuyer Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply for buyers in targeted areas.
• Income Limits: Household income must fall within program limits, which are based on area median income (AMI) and vary by location and household size.
• Credit Score: A minimum credit score of 640 is required for most applicants. Additional underwriting guidelines may apply based on the lender.
• Property Requirements: Eligible properties must be located in South Carolina, used as the buyer’s primary residence, and meet the program’s price and eligibility criteria.

3. How to Apply:

Follow these steps to apply for the South Carolina Housing Homebuyer Program:

• Assigned Loan Officer: When you begin the process, a loan officer will be assigned to assist you. They will explain the program’s features, verify your eligibility, and guide you through the application process.
• Prepare Documentation: Gather required documents such as proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work with your assigned loan officer to complete the application and provide all necessary documentation. They will handle the processing and notify you of your approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: Applicants must complete a homebuyer education course to ensure they are fully prepared for the responsibilities of homeownership.
• Course Availability: The course is available online or in person. Upon completion, participants will receive a certificate to include with their application.

5. Key Benefits of the Program:

• Affordable Fixed Rates: The program provides competitive fixed interest rates, ensuring manageable monthly payments.
• Down Payment Assistance: Eligible buyers may receive additional assistance to help cover down payment and closing costs, reducing upfront expenses.
• Flexible Options: The program offers flexibility to combine with other South Carolina Housing assistance options for greater affordability.

6. Finalizing the Loan:

• Approval Process: Once approved, your assigned loan officer will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program helps with upfront expenses, buyers may still be responsible for some closing costs. Your loan officer will provide a detailed breakdown of these costs.

The South Carolina Housing Homebuyer Program is an excellent option for buyers seeking affordable mortgage solutions and assistance with upfront costs. By providing competitive rates and additional support, this program helps make homeownership more accessible for South Carolina residents. Start your journey toward homeownership with the South Carolina Housing Homebuyer Program in 2025.