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You may qualify as a “First-Time Home Buyer” even if you already own a home

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Don’t disqualify yourself for a South Carolina State Housing Finance and Development Authority loan just because you already own a home. The rules and definitions are different for each county. Under certain conditions you may be a “first-time home buyer” even if you have recently owned a home.

SC State Housing has two categories of counties—“Targeted” and “Non-Targeted.”
In 34 targeted counties a first-time home buyer is a borrower who does not own a home at the time of closing their new loan with SC State Housing. This means you will be viewed as a first time home buyer just as long as you do not have title to another home when you close on your new loan. As an example:  A borrower could close the sale of the home they currently own at 11 a.m. and close on their new SC State Housing loan at 11:30 a.m. the same day.

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