SC Housing Homeownership Program
Forgivable Down Payment
Assistance Program.
Forgivable down payment assistance for low-to-moderate income buyers in South Carolina. Horry County is a targeted county: requirements differ from non-targeted areas.
What This Program Does
The South Carolina State Housing Finance and Development Authority (SC Housing) Homebuyer Program assists low-to-moderate income families and individuals by offering a competitive fixed interest rate mortgage loan. SC Housing also offers down payment assistance based on availability. These funds may also be used to pay closing costs.
Source: South Carolina State Housing Finance and Development Authority · schousing.sc.gov · Updated 10.01.2025
Horry County is a Targeted County
This means the first-time homebuyer restriction does not apply.
In Targeted Counties, borrowers simply must not own a home or have any ownership interest in a home at the time their loan is closed. This is a broader eligibility window than Non-Targeted Counties, which require first-time buyer status or no homeownership in the prior 3 years.
Source: South Carolina State Housing Finance and Development Authority
Loan Options & Qualifications
FHA
3.5% down payment. Max LTV 96.5% of lesser of sales price or appraised value. Min credit score: 640.
97% Conventional
3% down payment. Max LTV 97.0%. Reduced mortgage insurance. Min credit score: 640.
USDA RHS
100% LTV available. Min credit score: 640.
VA
100% LTV available. Min credit score: 640.
Costs generally include: 1% origination fee, prepaid items, and usual and customary closing costs. Loan term is 30 years. Credit score does not guarantee loan approval.
Source: SC Housing · schousing.sc.gov
Forgivable Down Payment Assistance
Source: South Carolina State Housing Finance and Development Authority · 300-C Outlet Pointe Blvd, Columbia, SC 29210 · 803.896.2211 · schousing.sc.gov
Ready to Check Your Eligibility?
An Chapter 3 agent will connect you with an SC Housing-approved lender who can confirm income limits, purchase price limits, and reserve your assistance funds.
All program information on this page is sourced directly from the South Carolina State Housing Finance and Development Authority (SC Housing) Homeownership Program documentation, dated 10.01.2025. Chapter 3 Realty is not a lender and does not originate loans. Program availability, income limits, purchase price limits, and rates are subject to change without notice. Equal Housing Lender.
Common Questions
Frequently asked questions
What down payment assistance exists in South Carolina?
SC Housing offers statewide programs, including forgivable down payment assistance for eligible buyers, alongside county-level options. Eligibility ties to income limits, credit score, and purchase price caps that change periodically.
Do assistance programs work in Horry County?
Yes. SC Housing programs cover Horry County purchases that meet program limits, and Myrtle Beach buyers use them regularly with FHA, VA, USDA, and conventional loans.