SC Housing Homeownership Program Most buyers who use these programs are first-timers; the fuller guide is our first-time home buyer guide.
South Carolina down payment
assistance programs.
By Devin Day, Operations Officer & licensed MLO · Chapter3 Realty · Updated August 29, 2026
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 Chapter3 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. Chapter3 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.
The honest version
What down payment help really is, and is not
Down payment assistance on the Grand Strand comes from state and agency programs with their own rules, income limits, and trade-offs. Our lender, BrickWood Mortgage, does not offer its own down payment assistance program, and we would rather tell you that plainly. Closing costs are the other half of cash-to-close; estimate them with the closing costs calculator.
What we actually do: when a program fits you, we help you weigh it honestly, because assistance sometimes arrives with a higher rate or price adjustments that cost more over time than the help is worth. Sometimes the program is the right call. Sometimes a smaller house or a longer save is. We run the numbers both ways and show you.
Required disclosure
Affiliated Business Arrangement Disclosure
Chapter3 Realty Corp has a business relationship with BrickWood Mortgage (NMLS #189497). Because of this relationship, referrals to BrickWood Mortgage may provide Chapter3 Realty a financial or other benefit.
You are NOT required to use BrickWood Mortgage as a condition for the purchase, sale, or refinance of any property. There are frequently other settlement service providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for those services.
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.