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Down Payment Assistance Programs in SC: Explained

Down payment assistance programs are the solution many people have been looking for. There are some wonderful programs out there that can help potential buyers secure their dream home. However, there are some things to watch out for as well. In our latest post, we will give our take on several down payment assistance programs!

Many people don’t consider home ownership because they are worried about a 20% downpayment often required with a conventional loan. You do not need 20% to buy a house. In fact, in 2016 the average downpayment was only 4%. There are all kinds of programs available to those who look for them. Less than 10% of people apply for downpayment assistance.

Yet the average amount of assistance received is over $10,000. To learn about programs available for you, do some research online! Or talk to a professional, such as the team at Cash Home Buyers, who can help you get into the house you have been dreaming of!

Programs Based on Demographics

There are all kinds of programs out there that can help you get into the house you want. There are many programs based on demographic. Some of these include assistance for Native Americans, single mothers and people in rural areas who are looking to develop. There are also a number of programs available for first-time homebuyers. Many of these are grant programs, which do not require the recipient to pay the money back.


There are a number of programs available to current and former military personnel. The Military Housing Assistance Fund is designed to help military families become homeowners. Another program is the Dream Makers Grant Program which offers grants to cover down payments and other purchasing costs.

Programs for Community Workers

Just like military personnel, there are a number of programs designed for first responders and other community workers. Teachers, police officers, firefighters, nurses and many other trades have special programs designed to help make homeownership a real option for many people. HUD provides the “Good Neighbor Next Door” program which assists law enforcement, educators and medical personnel with huge incentives when buying a home. Programs like “Teacher Next Door” can help teachers become homeowners quickly.

State and City Programs

Many states have self-ran programs designed to help prospective homeowners. Each state is a little different, but all of them want to see you get on the path to successful homeownership. Many metropolitan areas have their own programs set up as well. If you live near a major city, contact their services department to find out it there are any programs available that can help you!

Low Down-Payment Mortgages

You don’t have to stick to the conventional mortgage, with its 20% downpayment. There are many other loans that ask for much less up front. An FHA loan will often only require 3.5% as a downpayment with a credit score of 580 or higher. VA loans can be acquired with NO DOWNPAYMENT whatsoever.

A USDA loan is only available in certain parts of the country, however many parts of the US are considered “rural” according to their guidelines. You must have great credit, however, a USDA loan might not require a cent toward the down payment.

No matter who you are, where you live or the type of property you are looking for, there is a program out there that can help you. Make sure you are working with a professional, who will share with you the BEST programs available to you. If you have thought about purchasing a house, it might be easier than you think!

Do you want to buy a house in Columbia? Would you be interested in learning about down payment assistance programs that are available to you? We can help you navigate the process! Send us a message or give us a call today! (803) 889-0840

Ben Lovro

Ben Lovro is an entrepreneur with a vision to improve neighborhoods and revitalize the communities that we live in. He has a clear passion for people and has developed effective strategies and real estate solutions in todays rapidly changing market. He is committed to being a lifelong student of Success Strategies and Leadership. Knowing what you want is perhaps the most important step in self-development; this takes much persistence and self examination. Once your desire to serve God overwhelms all other desires, you begin to step into your purpose and your mission in life changes. To be fulfilled in life you have to grow. The art of fulfillment is what develops our life into an expression for others to follow. Some of our greatest moments come from facing our fears and doing the things that scare us the most. You have been given one life, and one chance to tell your story. It's never too late to become the person that want to be.

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