SC Housing Homebuyer Program (Mortgage Revenue Bond Program)
South Carolina State Housing Finance and Development Authority (SC Housing)
Amount: $10,000 in down payment/closing cost assistance, structured as a 0% interest, no-monthly-payment second mortgage. Forgiven if the borrower stays in the home for the full 15-year (180-month) term; otherwise repayable in full upon sale, refinance, or if the home stops being the primary residence.
Type: Forgivable second mortgage (deferred, term-based forgiveness) paired with a below-market fixed-rate first mortgage
Must be a first-time homebuyer (3-year rule) with an exception for qualified veterans; low-to-moderate borrower income limits apply (varies by county, per SC Housing's published 2025/2026 income and home price limit chart); minimum 640 credit score; must complete SC Housing-approved homebuyer education; property must be a primary residence in South Carolina.
Palmetto Home Advantage
South Carolina State Housing Finance and Development Authority (SC Housing)
Amount: Forgivable down payment assistance of 0%, 3%, or 4% of the total loan amount, with no monthly payment on the assistance
Type: Forgivable down payment assistance (percentage-of-loan-amount second lien), available with Conventional, FHA, VA, or USDA first mortgages
No first-time-homebuyer requirement (open to first-time, move-up, and repeat buyers); statewide borrower income limit of $135,750 (based on individual/co-borrower qualifying income, not full household income or family size); minimum 640 credit score; no sales price limit; available in all 46 SC counties; homebuyer education required.
Palmetto Heroes Program
South Carolina State Housing Finance and Development Authority (SC Housing)
Amount: $10,000 in forgivable down payment assistance, paired with a competitive fixed-rate 30-year first mortgage
Type: Forgivable down payment assistance grant/second mortgage for public-service workers, funded on a first-come, first-served basis
Must work in an eligible public service role (teachers, nurses, law enforcement, correctional officers, firefighters, EMTs/paramedics) or be a veteran, active-duty military member, or National Guard member; must meet first-time homebuyer and SC Housing income qualifications; applicant must have an executed sales contract to reserve funds. Note: the 2026 funding round opened March 16, 2026 and closed April 13, 2026 due to high demand — a 2027 round is expected in spring 2027, so this program is not currently accepting new applicants as of mid-2026.
County First Initiative
South Carolina State Housing Finance and Development Authority (SC Housing)
Amount: Up to $8,500 in forgivable down payment assistance, combined with a reduced first-mortgage interest rate
Type: Forgivable down payment assistance targeted at underserved/rural counties, available with FHA, VA, or USDA financing
Borrower must not own a principal residence at closing; targeted to designated underserved South Carolina counties; standard SC Housing credit score (640 minimum) and homebuyer education requirements apply.