South Carolina First Time Home Buyer Programs

Living in South Carolina means many adventures, like relaxing lakeside near the water or exploring our endless trails. Buying a home in the Palmetto State has been rapidly rising these days – but don’t let that stop you from owning one! If you’re thinking about becoming a first-time homeowner, we’re here to tell you plenty of benefits available through SC Housing that will suit your needs.

Not sure what kind of house you’re dreaming about? No worries! The Homebuyer Program from SC Housing has all sorts of different financing options for you – 30-year conventional, FHA, VA, and USDA loans.

Plus, if you qualify for one of these outstanding mortgages, you’ll receive competitive rates, helpful advice, and down payment assistance to buy a home without taking out a big loan or paying too much upfront.

If you fit the description in this list, you might be eligible to receive some form of aid. Whether it be government programs funded by taxes, people willing to donate money, or even homeowners who are feeling generous, there are plenty of opportunities out there for people to take advantage of because they will find someone just like you.

Requirements For Buying Home

You must follow these requirements to qualify for joining the home buying program. There are three types of loans when it comes to purchasing a home.

• You have completed SC Housing minimum limits which will depend on the place where you’re going to live, and it also depends on the number of people who live there.
• For a Conventional Loan, buyers will need a down payment of at least 3% for their mortgage needs if they are financing the purchase of one unit or 2% purchasing two divisions (residential).
• The Minimum Credit Score required is 640, with plenty of restrictions and requirements depending on income rates and special programs offered through VARO.
• There are no required changes or restrictions for USDA or VA Loans, which allow people to enter their homes without credit scores. However, it is possible only if they meet specific income requirements due to neighborhood zoning stipulations.

What Are Property Criteria?

• You must be looking for a single-family home.
• Off-frame modular homes are also acceptable.
• Townhomes and condos are not allowed.

Recommended to Read: First Time Home Buyer Programs in Iowa

What is the Loan Program?

First-time homebuyers in South Carolina program provide a conventional loan without PMI. However, most first-time homebuyers do not have the savings necessary to qualify for such loans.

SC Housing

This may include help for down payments and assistance for housing. You can explore more things about its interest rates and other guidelines to get a better idea.

VA Loan

It’s the best way for those people who want to get a loan to construct homes in far away rural areas. There is no need for a down payment for this. In addition, low mortgage rates are required.

FHA Loan

You’ll need a 580 credit score and a 3.5% down payment before they back this one up with the Federal Housing Administration. You’re also responsible for paying mortgage insurance, so you can’t switch lenders or take out another loan until it’s paid off – unless you sell your home or retire.

Working Style of First Time Home Buyer Program

SC Housing offers competitive mortgages to help people become homeowners. Their DPA program allows people to pay for down payments and closing costs.

As is usual with state-owned mortgage programs, you’ll need to choose a lender among the government-approved ones. You’ll also need to take a homebuyer training class. Your credit score needs to be 620 or higher for an FHA loan and 640 or higher to qualify for any other type of mortgage. There are income limits and purchase price caps.

In terms of down payment assistance offered by the Palmetto Home advantage program, this can offer down payment assistance up to 5% of the loan value.

SC Housing announced the closure of the Palmetto Heroes program. The housing agency says that the program was closed because there were too many applicants.

Buying a Home in South Carolina’s Cities

There is a significant increase in inflation in South Carolina’s cities, but you can afford average prices depending on your needs and requirements. Rising prices can be a problem for first-time homebuyers. Fortunately, there are statewide and city down payment assistance programs to assist.

All the organizations we’d listed above provide advice free of charge to any first-time homebuyer in South Carolina according to their location (in addition to our selection). HUD also includes a list of statewide resource centers. Federal Housing Authority (FHA) offers housing programs for low and moderate living people at affordable rates and interests.

FAQs

Who is a verified qualifier to buy homes in South Carolina for the first time?

First time home buyers need financial help to buy a house. To qualify, they must be living in an apartment or mobile home for at least three years.

What is the exact down payment needed to buy a Home in the Home Buyer program?

The good news is that you don’t need to pay a down payment If you have qualified for the VA or USDA loan program. FHA loans require 3.5% and a minimum of 3%.

How can I start with a loan for SC Housing Program?

Firstly, plan the location and the required amount you need, then get a loan for your dream house by applying for different programs, as we have mentioned before. The process is simple, and you need to follow guidelines.

Is South Carolina first time home buyer programs good for me?

Yes, If you live in mediocre or average financial conditions, it is almost impossible to buy your own home without getting a loan. Therefore, it is essential to buy a home under such programs.

Who is eligible for the First Time Homebuyer program in South Carolina?

The prime condition for buying the first home in South Carolina is not having any ownership of a house before in life or not having any house in the last three years.

Disclaimer

We don’t recommend any broker or agency or involve in any kind of this recommendation. We don’t affiliate with any, and we are not taking any commission/benefit from this. Do your own research, and if you take any step, you are the one who is responsible.