Buying in North Charleston but worried about the down payment? You are not alone. Many Charleston County buyers use state-backed help to bridge that gap and get to the closing table with confidence. In this guide, you will learn how South Carolina Housing’s programs work, who typically qualifies in Charleston County, and exactly how to line up your financing with your home search. Let’s dive in.
SC Housing basics in North Charleston
South Carolina Housing, also called SC Housing, partners with approved lenders to offer a 30-year fixed-rate first mortgage and down payment assistance for eligible buyers. The assistance usually comes as a second mortgage that helps with down payment and closing costs. Programs are available statewide, but income limits, purchase price caps, and other rules depend on the county.
North Charleston spans multiple counties, so property location matters. If you want Charleston County limits to apply, confirm the property is in Charleston County before you write an offer.
Who typically qualifies in Charleston County
Eligibility depends on several factors that you verify with an SC Housing–approved lender:
- Income limits: Programs use household income caps that vary by county and household size. Check current Charleston County limits on the SC Housing site.
- Purchase price limits: Homes must fall under the county’s maximum purchase price for the program you use.
- First-time buyer status: Some assistance options require that you have not owned a home in the past three years, while others allow repeat buyers. Ask your lender which product fits you.
- Property and occupancy: The home must be your primary residence. Eligible types commonly include single-family homes, townhomes, and some condos if approved. Investment properties are not allowed.
- Credit and underwriting: Lenders apply SC Housing rules plus their own credit score and debt-to-income overlays. Minimum scores vary by lender and loan product.
- County jurisdiction: Parts of North Charleston fall in Charleston County and parts do not. Confirm the parcel’s county so you use the correct limits.
For current figures and program pages, start at the SC Housing website. You can explore homeownership programs and find the approved lender directory at the same place.
How the forgivable DPA works
Most SC Housing down payment assistance is a second mortgage recorded at closing. It can cover down payment and some or all closing costs, up to the program’s limit for your county and product. The loan is real debt until you meet all forgiveness conditions.
Forgiveness is typically earned over a set period if you live in the home as your primary residence and stay current on the first mortgage. If you sell, transfer title, or refinance before the forgiveness period is complete, the remaining balance is usually due. Many programs are deferred with no monthly payment, but you still need to meet the program rules to have the balance forgiven.
If you think you may refinance later, ask your lender about SC Housing’s subordination policy. Some second liens can remain in place during a qualifying refinance, while others must be paid off.
Always verify the exact DPA amount, the forgiveness schedule, and any repayment triggers for your specific product before you commit. SC Housing and your participating lender will give you current terms in writing.
Step-by-step: from pre-approval to keys
Follow this simple sequence to keep your financing and home search in sync.
1) Find an approved lender
- Action: Choose a participating lender from the SC Housing approved lender directory.
- Why: Lenders know current Charleston County limits, credit overlays, and how to reserve assistance funds.
- Timing: 1 to 7 days to research and connect.
2) Get pre-approved with SC Housing noted
- Action: Apply for the first mortgage and request a pre-approval that confirms SC Housing eligibility and an estimated DPA amount.
- Why: Your price range depends on this, and some assistance requires a valid pre-approval to reserve funds.
- Timing: About 1 to 2 weeks, depending on documents.
3) Reserve your DPA funds
- Action: Ask your lender to reserve DPA funds and provide written confirmation showing the amount and conditions.
- Why: Funds can be limited and are often first come, first served. Reservations may expire, so know your window.
- Timing: Often same day to a few days.
4) Search within county limits
- Action: Shop for homes that meet Charleston County purchase price caps and allowed property types. Confirm the property’s county if the address is in North Charleston.
- Why: A home outside the limits or in another county can disqualify your DPA.
- Timing: Varies. Coordinate your search speed with your reservation window.
5) Offer, contract, and close
- Action: Include standard contingencies for financing, appraisal, and inspection. Your lender will order the appraisal, clear conditions, and prepare SC Housing documents for closing.
- Why: DPA is disbursed at closing according to program rules.
- Timing: Expect 30 to 45 days from contract to close, subject to program processing and your file conditions.
Local tips for North Charleston addresses
- Verify the county: Use the Charleston County site to confirm a parcel’s county for a North Charleston address. The city spans multiple counties.
- Condos and townhomes: Ask your lender if the community is eligible and whether additional approvals are required.
- Repairs and appraisal: If repairs or valuation issues arise, confirm with your lender how they affect the loan and DPA.
- Escrows and contributions: Some programs require tax and insurance escrows or a minimum borrower contribution. Ask early so you can budget.
Common pitfalls to avoid
- Treating DPA as guaranteed. Funds and eligibility depend on program rules and availability.
- Shopping outside the price cap or wrong county. This can eliminate your assistance.
- Letting your DPA reservation expire. Keep your search and contract timeline within the window.
- Refinancing later without checking subordination. You could trigger repayment of the remaining DPA balance.
- Ignoring lender overlays. Even if you meet program basics, lender credit or DTI rules still apply.
What to verify and where
- SC Housing programs and county limits: Review current program details and find the approved lender directory on the SC Housing website.
- Income and purchase price caps for Charleston County: Check the latest limits on the SC Housing site before you set your budget.
- Parcel county for North Charleston addresses: Use the Charleston County website to confirm jurisdiction for your target property.
- How second liens and forgiveness work: Read general consumer guidance from the Consumer Financial Protection Bureau.
- FHA and subordinate lien basics: Learn more on the U.S. Department of Housing and Urban Development site if your first mortgage will be FHA-insured.
Ready to move forward?
If SC Housing fits your plan, the next best step is a lender pre-approval that spells out your budget and DPA options. From there, you can focus on homes that meet Charleston County limits and your lifestyle goals. When you are ready to align funding, timelines, and a winning offer in North Charleston, reach out to Calore + Lacke for local guidance, neighborhood insights, and a smooth path to closing.
FAQs
Who runs SC Housing’s homebuyer programs in Charleston County?
- SC Housing administers the programs through a network of approved lenders that originate the loans and coordinate any down payment assistance.
What is the difference between grant and forgivable DPA?
- Many SC Housing options are forgivable second mortgages with no monthly payment, forgiven over time if you meet occupancy rules. If you sell or refinance early, the remaining balance is usually due.
Do I have to be a first-time buyer in North Charleston?
- Some products require that you have not owned a home in the last three years, while others allow repeat buyers. Your lender will confirm which option fits.
How do I confirm the county for a North Charleston home?
- Check the address on the Charleston County website or ask your agent and lender to verify the parcel’s county before you make an offer.
Will using DPA increase my mortgage rate?
- Rates are set by participating lenders and the program. Ask your lender to show rate comparisons with and without DPA so you can choose the best fit.
Can I combine SC Housing with other programs?
- Sometimes. Compatibility depends on the rules for each program, including Mortgage Credit Certificates or local assistance. Have your lender confirm early in the process.
