Borrowers must be employed in SC and meet SC Housing’s First-Time Homebuyer requirements and underwriting guidelines.
Law Enforcement Officers – Borrower must be employed full-time as a state or local law enforcement officer (as defined by the SC Law Enforcement Training Act) and must be certified by the Law Enforcement Training Council as of the date of the loan application.
Firefighters, EMTs and Paramedics – Borrower must be employed full-time as a firefighter, emergency medical technician (EMT) or paramedic (or be a volunteer firefighter) with a state or local government agency. EMTs and paramedics may be employed by a company contracted by a state or local government agency to provide emergency medical services.
Correctional Officers – Borrower must be employed as a full-time corrections officer for the South Carolina Department of Corrections, SC Department of Juvenile Justice, or with a state, county or municipal detention center.
Teachers – Borrower must be employed as a full-time classroom teacher (or have a contract to begin teaching) and must have a South Carolina Teacher Certification. Teachers with new contracts must be scheduled to receive their first paycheck within 60 days of loan closing.
Nurses – Borrower must be a registered nurse (RN), licensed practical nurse (LPN), or advanced practice registered nurse (APRN) and be licensed with the SC Board of Nursing. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.
Certified Nurse Aides (CNA) – Borrower must have a Nurse Aide Certification and be listed on the SC Nurse Aide Registry. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.
SC National Guard Members – Borrower must be a member in good standing of the SC Army National Guard or the SC Air National Guard as of the date of loan application. Enlistment must be documented with a statement of service.
Veterans – Borrower must have served on active duty in the U.S. Armed Forces (other than active duty for training) and received a discharge other than dishonorable within the past 25 years. NOTE: Eligible veterans cannot have an ownership interest in another principal residence at the time of loan closing.
|Homebuyer Eligibility Requirements||
Borrowers purchasing property in the following non-targeted counties must not have had an ownership interest in a principal residence within the three years prior to loan closing:
The First-Time Homebuyer requirement in non-targeted counties will be waived for the following:
|Income/Home Price Limits||Income/Home Price limits are county-specific and are subject to change without notice. Refer to the SC Housing Homebuyer Sales Price and Income Limits for full details.||
All households must fall within the acceptable USDA income limits set forth for the county in which the property is located.
In addition, USDA applicants also must meet SC Housing Sales Price and Income Limits. These limits are county-specific and are subject to change without notice.
|Loan Terms||30 Year|
|Maximum LTV/CLTV||96.5% / 105%||100% / 105%|
All eligible properties must be:
All property addresses must be verified through the USDA Rural Development – Rural Housing Property Eligibility Website to determine if the property is in an acceptable area.
In addition, the property must meet the following eligibility requirements:
|Homebuyer Education||Homebuyer Education is required on all loans where one or both borrowers are first-time homebuyers. Home Buyer Education must be completed by a HUD Certified or Approved Counseling Agency and must be completed by at least one borrower on the loan.|
|Credit Score Requirements||
Borrower(s) must meet the minimum representative FICO score and the requirements of Desktop Underwriter (DU):
Borrower(s) must meet the minimum representative FICO score and the requirements of Guaranteed Underwriting System (GUS):
|Mortgage Insurance||All FHA loans must be Direct Endorsement (DE) approved and HUD/FHA insured.||All USDA loans must have a Conditional Commitment and a Loan Note Guarantee issued by USDA.|
|Qualifying Ratios||Maximum debt to income (DTI) is 45% with DU approval.||Maximum debt to income (DTI) is 45% with GUS approval.|
|Interested Party Contributions||6% MAX – must meet HUD/FHA guidelines||6% MAX – must meet USDA guidelines|
|Minimum Borrower Cash Contribution||None|
|Mortgage Credit Certificate (MCC)||Not Eligible|
|Federal Recapture||SC Housing Homebuyer Program loans are subject to Federal Recapture. SC Housing will reimburse any borrower that is required to pay a recapture tax to the IRS.|
|Down Payment Assistance (DPA)||SC Housing offers both repayable and forgivable Down Payment Assistance (DPA) to all qualified borrowers, dependent on income and sales price limits in the county where the property is located. DPA is available for both existing and new construction in the amount of $6,000.00 and may be used towards a borrower’s down payment.|