South Carolina down payment assistance, with forgiveness timelines and FICO included.
SC Housing statewide programs, Palmetto Home Advantage, rural initiatives, Heroes, Charleston opportunities and national DPA.
Reviewed September 11, 2026 • Joshua Dobson, NMLS #190260
Quick comparison
| Program | Assistance | Published min. FICO | Who | Biggest catch |
|---|---|---|---|---|
| SC Housing Homebuyer (Bond) | Current DPA varies by program/rate sheet | Current program matrix | Income-eligible buyers | 15-year 0% forgivable second; county income/price limits and federal recapture framework. |
| Palmetto Home Advantage | Current menu can include 0%, 3%, 4% or 5% | 640 | First-time + repeat | 10-year forgivable second; first-mortgage rate differs by DPA amount. |
| County First | Enhanced rural/county assistance | Current SC Housing matrix | Eligible underserved counties | Only designated counties; funding/product terms change. |
| Palmetto Heroes | Seasonal; amount set per annual release | Current annual guide | Defined public-service/military occupations | Seasonal, limited funds; don't rely on old annual amounts. |
| Charleston Homeownership Initiative | Property subsidy / affordable purchase opportunities | First-mortgage qualification | Generally 50%–120% AMI, no ownership in 3 years | Property-specific and long affordability restrictions. |
| National programs | Varies | Product/lender specific | Varies | Compare first mortgage + DPA together. |
SC Housing Homebuyer Program (Bond)
SC Housing's traditional Homebuyer/Bond program combines a 30-year first mortgage with down payment assistance for qualifying low- and moderate-income buyers. Eligible homes are located throughout South Carolina, subject to the program's county-specific household-income and home-price limits.
The current SC Housing limits page describes the DPA as a 0% second lien with no monthly payments and a 15-year term. If the borrower remains in the home for the full term, the lien is forgiven.
Published minimum FICO: use the current SC Housing first-mortgage/program matrix for the exact loan type rather than applying the Palmetto Home Advantage 640 score universally.
Palmetto Home Advantage
Palmetto Home Advantage is SC Housing's flexible mortgage program for first-time, move-up and repeat buyers. Official SC Housing materials describe conventional plus government financing options and forgivable DPA.
Published minimum FICO: 640. Current SC Housing program materials should be checked for the exact available DPA menu; agency materials have described options including 0%, 3%, 4% and 5% of the loan amount depending on product and market.
The DPA is structured as a 0% forgivable second mortgage with no monthly payments. SC Housing's program materials describe a 10-year term, with different first-mortgage rates applying depending on the amount of assistance selected.
County First Initiative
SC Housing's County First Initiative is designed to increase homeownership investment in designated counties that historically receive less SC Housing mortgage activity. SC Housing's current program overview specifically notes additional down payment assistance for certain rural areas.
Published minimum FICO: current SC Housing product/first-mortgage matrix controls. Mortgage Navigator does not copy an old County First score or dollar amount into a 2026 guide unless the current annual program document supports it.
Palmetto Heroes
SC Housing's Palmetto Heroes program is a seasonal homebuyer initiative for defined public-service and military groups. Recent program materials have included teachers, nurses, law enforcement, correctional officers, firefighters, EMTs/paramedics, veterans, active-duty military and National Guard members.
The program historically pairs a competitive fixed-rate SC Housing mortgage with forgivable DPA. It is popular and prior annual allocations have filled within months.
Charleston has property-specific affordable homeownership opportunities
City of Charleston Homeownership Initiative
The City of Charleston's Homeownership Initiative creates below-market homeownership opportunities through City partnerships and property subsidies. The City's current program page generally targets households earning 50%–120% of Area Median Income that have not owned a home in the previous three years and can qualify for a first mortgage.
These are not simply cash DPA dollars that can be applied to any MLS listing. The affordability is often tied to a specific City-supported home and recorded restrictions. The City describes a 90-year restrictive covenant to preserve affordability.
National programs South Carolina buyers should also check
National Homebuyers Fund
NHF multi-state assistance should be compared with SC Housing and local programs. Exact credit score, first-mortgage pricing and repayment/forgiveness depend on the current participating-lender product, so Mortgage Navigator does not assign one universal FICO where the official product does not.
Chenoa Fund
Chenoa Fund provides FHA DPA through approved lender partners and South Carolina is within its stated footprint. Current matrices control credit, pricing and second-mortgage terms.
South Carolina's biggest DPA lesson
South Carolina has multiple kinds of “help”: a traditional 15-year forgivable SC Housing second, a more flexible 10-year Palmetto Home Advantage second, seasonal Heroes assistance, rural/county enhancements, and local property subsidies. Those are not interchangeable.
Mortgage Navigator compares published FICO + DPA amount + first-mortgage rate + forgiveness timeline + geography + income limits + funding status.
Let Josh check the statewide, rural and local layers.
Send the city/ZIP, purchase price, credit range, household income and occupation. Geography and occupation can materially change the programs worth checking.