So many things seem to block saving for a down payment on a house. High rent payments, car repairs, hospital bills, plus other expenses get in the way. But, there is a special program which allows South Carolina buyers to become homeowners quicker! It is called the down payment assistance SC program.
This program combines either a conventional, or loan along with $6000 in down payment assistance (DPA). Therefore, it bridges the gap between the purchase price and loan amount. Down Payment Assistance SC FeaturesChoosing to become a first time home buyer is a big step for South Carolina buyers. It means choosing to own over renting from a landlord.
But, even coming up with a low down payment can take a while for many. Fortunately, the SC Housing Home buyer program provides much needed down payment assistance to buyers. Photo by Wil Amani on UnsplashBy combining the down payment assistance SC program benefits with either a conventional, USDA, or FHA loan, it improves home ownership opportunities. Some of the wonderful benefits of this first time home buyer product include the following.
$6000 in down payment assistance (forgivable & nonforgivable options). May be used for down payment, closing costs, and/or pre-paids. Existing or new construction homes. Repayable over a 10 or 20 year term. Below market interest rate. Eligible for qualifying SC buyers and propertiesIn order to receive these benefits, there are some requirements.
Down Payment Assistance SC First Time Buyer RequirementTechnically, there is a requirement. But, if you are not a first time home buyer, please read on.
Because there are ways that repeat buyers in SC may use SC down payment assistance. Basically, there is an exception for buying homes in a targeted county. SC Housing is able to provide exceptions for targeted counties because these areas have experienced chronic economic stress in the past. Although, it does not mean it is a bad place to live.Buyers must have not owned a principal residence within the last 3 years if buying in these non-targeted counties. Aiken, Anderson, Greenville, Greenwood, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, and York.Although, buyers purchasing in targeted counties may have owned another home prior to purchasing a new home. Basically, a buyer may close on the purchase and sale of a home on the same day in the following counties.
SC Targeted CountiesTargeted SC counties include, Georgetown, Abbeville, Allendale, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Hampton, Jasper, Kershaw, Laurens, Lee, McCormick, Marion, Marlboro, Newberry, Orangeburg, Saluda, Sumter, Union, Williamsburg. First Time Buyer Exceptions in Non-Targeted SC CountiesThe down payment assistance SC program makes exceptions for the first time buyer rule. If buyers fit the following categories in a non-targeted SC county, being a first time home buyer is not required. Single parents. Individuals or families withSo, SC State Housing’s DPA product is as flexible as can be for many South Carolina buyers. Down Payment Assistance SC Income LimitsAs with most DPA products, there are maximum household income limits in order to qualify. Household income limits are based on the number of people living in the.
Additionally, all income received by each household member 18 and older must be included under the limit.Keep in mind, if using for the first mortgage, that the USDA household income limit must be met as well. Each county has its own income limit. These limits are divided among 1 – 2 family members and 3 or more members. Furthermore, they are broken down into groups of targeted versus non-targeted. So first find your county in a targeted or non-targeted county.Next, look under the list for the number of household members which will occupy the home. The charts are provided further down in this article. Down Payment Assistance SC GuidelinesThis SC down payment assistance loan is available for purchase money loans.
But if using an FHA loan, it may also be used to pay off a. So here are some of the guidelines for these. Minimum credit score: USDA = 640, FHA = 620. Collections may sometimes be left open per program guidelines. Maximum debt to income ratio is 45%. If required to be a manual underwrite, then ratios are lower.
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6% maximum for the buyer. Homebuyer education required – lender will provideBut don’t try to qualify yourself. Rather, contact a SC Housing approved loan officer and lender about qualification. USDA Eligible Areas. Ask if Your SC Area is USDA Approved. Must be located in SC.
15000 Down Payment Assistance Sc
May use USDA if property is USDA eligible. Home types allowed include single family home, town home, off frame modular, FHA approved condos. Primary residence purchase only. Land cannot exceed 40% of the appraised valueIn addition to these, there are other general requirements such as applicable insurance, acceptable condition, and others. Feel free to ask about any further details if there is a concern on a property.