Great news Midland’s homebuyers, since December 2024, South Carolina’s Housing Finance Agency increased its down payment assistance for eligible homebuyers by 25%, bringing the total to $10,000. The program also offers mortgage loan rates that are well below the current average rates. With new locations in Kershaw, Lexington and Richland County, Lennar is excited to offer this opportunity to assist qualified homebuyers the key to homeownership in the Midlands when working with our affiliate, Lennar Mortgage.
Designed to assist first-time homebuyers, the program is open to a broader group of individuals. In most counties, you qualify as a first-time homebuyer if you do not own another home when purchasing one. In other counties, you must not have owned a home for at least three years to be considered. Additionally, the housing agency has revised its income limit policy, potentially offering more support to some families.
Our affiliate, Lennar Mortgage, is proud to announce their participation in the SC Housing Homebuyer program for qualified homebuyers.* SC Housing offers several programs, each with specific features, and they can change frequently. Here’s a breakdown of some of the key programs:
- SC Housing Homebuyer Program
This program offers low, fixed interest rates and up to $10,000 in down payment assistance, provided as an interest-free loan that is forgiven after 15 years of ownership. As of Dec. 10, 30-year mortgage rates were below 6%. Homes purchased through this program cannot exceed $425,000. Income limits vary by county, with most counties having a limit of $101,760 for a household of one or two people, and $118,720 for larger households. In Beaufort, Berkeley, and Dorchester counties, the limit is over $126,000 for smaller households.
- County First Initiative
Similar to the Homebuyer Program, this initiative has the same income and home price limits but does not have first-time buyer restrictions. It offers forgivable down payment assistance of up to $10,000 and special fixed-rate financing, though SC Housing does not publish the interest rates online. The program is available in specific counties, including Abbeville, Allendale, Bamberg and others.
- Palmetto Home Advantage
This program provides competitive mortgage loan rates and down payment assistance of up to 4% of the loan amount, forgiven after 10 years of ownership. The income limit for this program is $127,200 in all counties, with no home price cap. It’s designed for buyers who may not qualify for the Homebuyer Program due to higher income or more expensive home purchases.
- Mortgage Credit Certificates
For buyers who do not need down payment assistance, the Mortgage Credit Certificate (MCC) offers a federal tax credit of up to $2,000 annually, based on 30% of annual mortgage interest payments. However, buyers must secure the certificate before completing the home purchase. Income and price limits apply.
- Palmetto Heroes
Returning in 2025, the Palmetto Heroes program is like the Homebuyer Program but typically offers more down payment assistance for workers in specific professions such as teaching or law enforcement.
The interest rate is subject to change without notice and funding is limited, so if you’re considering buying a home, don’t wait and contact your New Home Consultant at one of our communities in the Columbia, SC area.
Be one of the first to take advantage of this increased assistance. For more information, give us a call at 803-392-6104 or see what new homes are for sale in the Columbia area HERE.
*Certain restrictions apply. Loan program is through SC Housing Finance Agency and availability is limited. FHA, Conventional, VA, or USDA first loan, buyer is responsible for payment of closing cost and other fees. This is not a commitment to lend, applicants must qualify. Rates may change or not be available or funds may be exhausted at the time of loan commitment, lock-in, or closing. Buyer is subject to qualifications for specific loan terms, occupancy, down payment, credit and underwriting requirements, and/ or investor program guidelines. Not an offer to enter into an interest rate or discount point agreement and any such agreement may only be made in writing and signed by both the borrower and the lender. Homeowners Association (HOA) fees may apply. For buyer requirements and program eligibility information, contact a Lennar Mortgage Loan Officer. Lennar Mortgage, LLC (“Lennar Mortgage”) is Lennar’s affiliated lender. Lennar Mortgage’s loan process is voluntary and participation is not required in order to purchase a home from Lennar. Lennar Mortgage is an affiliate of seller and use of Lennar Mortgage is not required to participate in this process or purchase a home ( See Affiliated Business Arrangement Disclosure ) Lennar Mortgage, LLC, NMLS # 1058. Columbia Branch NMLS # 2570324. Features, amenities, floor plans, elevations, and designs vary and are subject to changes or substitution without notice. Items shown are artist’s renderings and may contain options that are not standard on all models or not included in the purchase price. Availability may vary. This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2025 Lennar Corporation and Lennar Mortgage, LLC. All rights reserved. Lennar, Lennar logo, Lennar Mortgage and the Lennar Mortgage logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Seller’s broker(s): Lennar Carolinas, LLC. Date 01/25
