First-time home buyer programs in South Carolina: SC Housing

Who counts as a first-time buyer in Greenville?

SC Housing’s handout (October 2025) lists Greenville County as a non-targeted county. There, the borrower must be a first-time buyer or not have owned a principal residence in the three years before closing. In the targeted counties (mostly rural and coastal), the borrower only needs to own no home at closing. Palmetto Home Advantage has no first-time rule at all.

SC Housing Homebuyer (bond) program

This is a 30-year fixed-rate mortgage sold through approved lenders. According to the program page and handout:

• Loan types: FHA (3.5% down), 97% conventional (3% down), and USDA or VA with no down payment; minimum credit score 640.
• Down payment assistance: $10,000, a second lien at 0% interest with no monthly payments. If you live in the home for the full 15 years, it is forgiven. It can pay for the down payment, closing costs and prepaid items.
• Education: every buyer who gets the assistance must complete a homebuyer training course before loan approval, arranged by the lender.
• Properties: houses, townhomes, off-frame modular homes and FHA-approved condominiums, new or existing, anywhere in South Carolina.

Income and price limits apply. SC Housing’s 2026/2027 sheet, effective for reservations on and after June 1, 2026, gives these limits for Greenville County:

SC Housing says the limits stay in effect until HUD releases the 2027 figures. The same sheet applies these limits to the agency’s mortgage credit certificate program and notes “MCC ends June 30”; ask a lender whether a certificate is available when you buy.

Palmetto Home Advantage

This program serves first-time, move-up and repeat buyers. SC Housing’s page says it has no sales price limit, a 640 minimum credit score and conventional, FHA, VA and USDA options. Conventional loans go up to 97% of the home’s value.

• Assistance: forgivable down payment help of 0%, 3% or 4% of the loan amount, with no monthly payment. SC Housing’s limits sheet gives a 10-year forgiveness term.
• Income limit: $140,000, statewide, on the 2026/2027 sheet. The program page still shows $135,750, an older figure. The limit does not depend on household size.

Example. On a $300,000 loan, 4% assistance is $12,000, against the flat $10,000 of the bond program. The Palmetto program has no price cap, while the bond program does, so the right choice depends on your income, the price and the interest rate. A lender can compare both.

Palmetto Heroes

For teachers, nurses, first responders, military and veterans, SC Housing offers a reduced interest rate. Its page says the program is closed for 2026, and a lender can say when it reopens.

Local help in Greenville

Greenville County Redevelopment Authority (GCRA) sells affordable homes it builds, and its homeownership page lists the rules. Buyers must be first-time buyers, pass a background check ($30 per adult), show 12 months of rental history, put down 1% of the price as earnest money and take a homebuyer class. For GCRA homes, the HUD income limits effective June 1, 2026 for Greenville County are $59,550 (1 person), $68,050 (2), $76,550 (3) and $85,050 (4). GCRA says buyers of its homes may also get down payment help and asks you to contact it for current programs.

The GC Employee Homebuyer Advantage is for first-time buyers who are Greenville County employees with at least one year of service. GCRA’s page lists a forgivable 0% loan of up to $40,000 (income up to $70,000), down to $10,000 (income $105,000 to $130,000), a 30-year term and a $500 borrower contribution. You must stay employed with the county for the loan to be forgiven.

Homebuyer education comes from the Greenville County Human Relations Commission: a class on the third Saturday of each month (9 a.m. to 4 p.m., by Zoom) and an online class in English and Spanish.

The City of Greenville’s housing page lists an owner-occupied rehabilitation program of up to $24,500 for low-income homeowners, which helps existing owners rather than buyers. We could not read a city down payment program on the city’s pages, so ask the city’s Community Development office.

Comparison of the main programs

Assistance can cover part of the minimum down payment on an FHA loan and some closing costs. The home-buying steps guide shows where a lender fits in, and our page on buying a home in Greenville shows the local prices.