SC Housing sets records for helping South Carolinians achieve the dream of homeownership

COLUMBIA, SC – SC Housing is setting records for homeownership despite a housing market noted for historically high prices, elevated interest rates and limited inventory.

SC Housing — officially titled the South Carolina State Housing Finance and Development Authority — is providing pathways to homeownership for South Carolinians through its remarkably popular and vital homebuyer programs. 

The agency’s homebuyer programs – offering forgivable down payment assistance and lower interest rates – have broken its own records for loans produced and the amount of funds financed for the past six years, with July 2025 being the most successful month in SC Housing’s history.

Over the 31 days of July, SC Housing assisted 276 homebuyers with $69,907,656 in home buying assistance, demonstrating the resilience and impact of the agency’s programs, even in the face of a strained market. 

SC Housing helped a record 1,992 first-time and qualifying homebuyers obtain mortgages in Fiscal Year 2025 — a 13 percent increase over the previous record set in FY 2024. This represents more than $465 million in financing, an increase of 17 percent year-over-year.

“Our mission is to open doors, literally and figuratively,” said Executive Director Richard Hutto. “We are proud to be a reliable resource for South Carolinians who might otherwise be locked out of the housing market due to cost barriers or limited access to credit.”

SC Housing offers a suite of home loan products tailored to first-time buyers and income-qualified South Carolinians. These include 30-year fixed-rate mortgages—often below the market rate—and forgivable down payment assistance, which can significantly reduce upfront costs and increase buying power.

One of SC Housing’s keystone homebuyer programs, Palmetto Heroes, is geared to supporting those who play a vital role throughout the state, including teachers, nurses, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, veterans, active-duty military, and National Guard members.

The 2025 iteration of Palmetto Heroes opened March 24 and closed May 8, quickly expending the funds allocated to the seasonal program, resulting in 331 home loans registered totaling more than $83 million in down payment assistance and low, fixed-rate mortgages – equating to the program’s most successful year across the board. 

The success of this year’s program underscores the growing demand for affordable homeownership among South Carolina’s frontline professionals. Palmetto Heroes offered $10,000 in forgivable down payment assistance and low, fixed-rate mortgage loans to the state’s essential workers, including teachers, nurses, law enforcement officers, correctional officers, firefighters, EMTs, paramedics, veterans, active-duty military, and National Guard members.

According to data from the National Association of Realtors, the median existing-home price in the U.S. reached $420,800 in June 2025, while average 30-year mortgage rates have hovered near 7 percent. These trends have compounded affordability concerns, especially for entry-level buyers. Yet, SC Housing’s programs have continued to perform, bridging financial gaps and helping families build equity and stability through homeownership.

“The impact goes beyond numbers,” added Steve Clements, Director of Single-Family Programs, “Each home we help finance represents a family putting down roots, a child gaining stability, and a community growing stronger.”

For more information about SC Housing’s homeownership programs, visit www.SCHousing.SCgov.

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.