SC Housing is turning homeownership dreams into reality for South Carolina’s public service heroes through the 2025 Palmetto Heroes Program, which provides $10,000 in forgivable down payment assistance alongside low, fixed-rate mortgage loans. The program supports those who play a vital role in their communities, including teachers, nurses, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, veterans, active-duty military, and National Guard members.

The SC Housing Homebuyer Program targets first-time homebuyers and their families with low to moderate income achieve homeownership. This program provides multiple financing options all with a competitive fixed interest rate mortgage loan and with or without down payment assistance to help cover the funds needed for your down payment and closing cost. In addition, there is an exception to the first-time homebuyer requirements available for veterans.

In conjunction with the SC Housing Homebuyer Program, we offer the “County First” initiative with a reduced interest rate, that targets previously underserved counties to promote homeownership and is designed to reach both move-up and first-time homebuyers. Borrowers can choose from FHA, USDA, or VA financing with forgivable Down Payment Assistance. To qualify for this initiative, borrowers purchasing property in the following targeted counties cannot have an ownership interest in a principal residence at the time of loan closing.

The Housing Choice Voucher Homeownership Program helps participants who are currently in an approved Public Housing Agency Homeownership Voucher Assistance program, preparing applicants to move from rental to homeownership. Many low-income families have the opportunity to use Federal housing assistance that would otherwise be paid to a landlord as rent to purchase and build equity in a home of their own. This program along with the SC Housing Homebuyer Program provides FHA fixed rate financing with forgivable down payment assistance.

Palmetto Home Advantage offers conventional, FHA, VA and USDA loan options for first-time, move-up and repeat buyers with no first-time home buyer requirements for new and existing homes across all 46 counties in South Carolina. The program offers forgivable down payment assistance options with no sales price limits and a statewide income limit of $137,500.

The SC Housing Mortgage Tax Credit Program provides an eligible homebuyer a Mortgage Credit Certificate (MCC) which allows a Federal tax credit that may reduce their income tax liability. The homebuyer’s tax liability may be reduced each year by an amount equal to 30% of the mortgage interest paid, up to $2,000.00. The homebuyer remains eligible to receive the tax credit for as long as he retains ownership, lives in the home, pays interest on the mortgage and has an actual tax liability. Any mortgage interest remaining after the tax credit may still be claimed as a mortgage interest deduction on the homebuyer’s federal income tax return. Potential homebuyer(s) should consult their tax advisor to determine if the MCC is right for them.