SC Housing enhances homebuyer programs to boost homeownership opportunities

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Columbia, SC – SC Housing is making significant enhancements to its homebuyer programs, which will increase opportunities for a wide range of South Carolinians to take the step of becoming homeowners.

The enhancements, which will take effect Dec. 16, 2024, provide an increased amount of down payment assistance and simplified income calculations, while maintaining the programs’ competitive interest rates.

Increased Down Payment Assistance: One of the most significant changes is an increase in the amount of funding available to assist with down payment and closing costs. Homebuyers can now access up to $10,000 in a zero-interest, potentially forgivable loan to help cover down payment and closing costs, which are often cited as the main obstacles to homeownership.

Simplified Income Calculations: Income limits will now be based only on the income of the person (or persons) responsible for the loan, as opposed to considering all household income. This change should help more people qualify for the programs.

Competitive interest rates: SC Housing interest rates continue to be stable and highly competitive. This not only assists in qualifying for a mortgage but also makes payments more affordable for the life of the loan.

For more information on SC Housing's homebuyer programs, visit https://schousing.com/Home/HomeBuyers or contact the agency at 803.896.2211 or email us at mortgage.production@schousing.com.

The significance of these programs is underscored by SC Housing's record-breaking impact over the past fiscal year. In 2024 alone, the agency facilitated more than 1,743 home loans, generating over $378 million in funding and helping thousands of families find stable housing.

Homebuyer programs like the immensely successful Palmetto Heroes Program – which aims to assist public service professionals such as teachers, nurses, law enforcement officers, and military members – illustrate the vital role SC Housing plays in creating pathways to homeownership. Within weeks of its launch in April, 2024, it distributed over $60 million in home loan reservations, helping more than 200 families secure a place of their own.

By increasing financial assistance and streamlining eligibility, SC Housing reaffirms its commitment to reducing barriers and helping more families achieve homeownership.

These latest enhancements reflect the agency's ongoing dedication to creating opportunities and building stronger communities across South Carolina. 

Media Contact: Matthew McColl
Marketing and Public Information Director
matthew.mccoll@schousing.com
803-896-9520

SC Housing is a self-sustaining housing finance agency committed to ensuring that South Carolinians have the opportunity to live in safe, decent and affordable housing. Agency operations are supported by a funding base that includes fees and other revenue earned through the administration of agency programs. For more information, visit SCHousing.sc.gov.