Homeownership Voucher Program (HVP)
The Homeownership Voucher Program is a relatively new program that may be offered to eligible families currently utilizing the Section 8 Rental Assistance Program. The following is the eligibility criteria for participation in this program.
- Have a Voucher or be on the Voucher waiting list.
- Have been on SC Housing's Voucher Program for at least one year.
- Be in "good standing" with the Voucher Program.
- Not owe any money to any housing authority.
- Complete a SC Housing-sponsored homeownership or SC Housing-approved training course.
- Have been employed for 12 continuous months, working an average of 30 hours per week (except elderly or disabled individuals).
- Meet HUD minimum employment income standards ($15,000 annual income).
- Be able to obtain standard fixed moderate rate financing from an approved financial institution.
The South Carolina State Housing Finance and Development Authority may be able to provide funds for down-payment assistance, closing costs and housing counseling.
Additional Homeownership Voucher Program Information
In order to participate in the Homeownership Voucher Program, a family must:
- Agree to purchase a single family home, townhouse or condominium in one of the seven counties where SC Housing administers the program: Clarendon, Colleton, Dorchester, Fairfield, Kershaw, Lee, or Lexington.
- Qualify for a mortgage with a fixed interest rate.
- Understand that the maximum term of Homeownership Assistance is 15 years if the term of the mortgage is 20 years or more. In all other cases, the family may only receive assistance for 10 years.
- Understand that for elderly and disabled persons, the maximum term of the Homeownership Assistance is up to 30 years.
- Understand that a family must meet the eligibility requirements for the Voucher Program continuously during the period Homeownership Assistance is received from SC Housing.