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South Carolina Palmetto Home Advantage

SC Housing offers Palmetto Home Advantage to home buyers in South Carolina: 4% of the home loan at most, as a forgivable loan.

Amount
4% of the home loan at most
The kind of help
Loan that can be forgiven
Only first-time buyers
No
Your credit score
At least 640

Forgivable loan: money you may not have to pay back, and no monthly payment.

Once you've kept the home and held its first mortgage for as many years as the program requires, the loan is written off.

Who can get South Carolina Palmetto Home Advantage?

  • Your income can be up to $135,750, and your household or family size won't change that.
  • Being a first-time buyer isn't required.
  • Your credit score needs to be 640 or above.
  • You get it alongside a Conventional, FHA, VA or USDA loan under the Palmetto Home Advantage program.
  • There's no limit on the sales price.

Your county and household size decide most limits. Use our HUD income limits tool to see the median income for your area and how your household compares.

Applying for South Carolina Palmetto Home Advantage

  1. SC Housing pays out this help through approved lenders, so apply with one of them along with your home loan.
  2. Your income, credit and the home are checked by the lender against the program's rules, then the money is reserved for you.
  3. This help goes toward the down payment and closing costs on your home, paid at closing.

See the full rules and if applications are open on SC Housing's page for Palmetto Home Advantage, or find a lender on the agency's list of participating lenders.

South Carolina Palmetto Home Advantage: ask a lender

Tell us where you're buying and a lender that works with South Carolina's programs can tell you whether South Carolina Palmetto Home Advantage fits you, and what you could combine with it.

Call 866-602-7460

Don't want to call? Share your details and the lender will be in touch.

When you send this request, you agree that one mortgage lender who works with these programs may contact you by email, phone or text, including by automated means, about this request. Agreeing is not a condition of any purchase. We are an independent guide, not a lender or a government agency; only that one lender gets your details, and it may pay us for the introduction. See our about page and privacy notice.

More first-time buyer programs in South Carolina

Every South Carolina first-time home buyer program · Down payment help in every state