SC State Housing offers several down payment and closing cost assistance options.

Option I Borrowers: No Down Payment and Closing Cost Assistance Available
Effective August 1, 2006, Option I will ONLY be available for properties in Targeted Counties.

Option II Borrowers: Down Payment and Closing Cost Assistance
SC State Housing offers a $4,000 fixed rate DPA loan to qualified borrowers. For Option II borrowers, this loan consists of a $2,000 repayable and a $2,000 forgivable loan. These must be used together. The forgivable portion will be forgiven after five years provided the borrowers live in the purchased property for five years. The amount is forgiven at a rate of 20% per year for five years. The repayable portion is deferred for three years and repayable over five years at a four percent interest rate. No interest accrues during the 3-year deferment period.

Option III Borrowers: Down Payment and Closing Cost Assistance
SC State Housing offers a $5,000 Forgivable DPA loan to qualified borrowers. For Option III borrowers, this $5,000 loan will be forgiven after five years provided the borrowers live in the purchased property for five years. The amount is forgiven at a rate of 20% per year for five years.

Down Payment and Closing Cost Assistance for homes built in 1978 or older
Any homes built in 1978 or prior are not eligible for forgivable down payment assistance. In this instance, a $2,000 repayable DPA Loan is available for qualified borrowers.