South Carolina is helping first-time homebuyers with financial support through a new initiative offering up to $10,000 for down payments and closing costs. This program, launched by SC Housing, is part of a broader effort to improve accessibility to homeownership, particularly for those with moderate incomes. The funds are provided through forgivable loans, meaning they do not need to be repaid if the buyer remains in the home for a set period.

To qualify, buyers must meet specific income and credit requirements, and the funds can be used for various costs associated with purchasing a home. This program is especially beneficial for low-to-moderate income residents who might otherwise struggle with the financial burden of purchasing a home.

The assistance is available statewide, but buyers must meet certain eligibility criteria, including homebuyer education courses and limitations on the property’s price. SC Housing’s initiative is part of a broader effort to support South Carolinians in achieving homeownership.

This initiative will help reduce the financial strain on first-time homebuyers by easing some of the upfront costs. For those struggling with high down payments, this program offers significant relief and makes homeownership a more attainable goal. Given the rising real estate prices in the state, especially in urban areas, this assistance could play a crucial role in expanding access to homeownership in South Carolina.

South Carolina’s new homebuyer assistance program is just one of several measures aimed at addressing the affordable housing crisis in the state. By providing support to first-time buyers, it helps strengthen the housing market and provides a pathway for many to achieve their dream of homeownership.

For further details, visit South Carolina Housing Authority.

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