SC Housing Homebuyer Program vs. Palmetto Home Advantage
South Carolina has two main down payment paths: the SC Housing Homebuyer Program and Palmetto Home Advantage. Here is how to tell which one fits your first-time status, your income, and your purchase.
Two doors, one decision
Both programs get you down payment help with an SC Housing loan, but they are built for different buyers. The SC Housing Homebuyer Program leans toward first-time buyers and offers forgivable assistance, help you do not repay if you stay, within tighter income limits. Palmetto Home Advantage trades some of that for reach: it welcomes repeat buyers and often allows higher incomes, with percentage-based assistance. The decision usually comes down to two questions, are you a first-time buyer, and where does your income fall.
Which one, when
| Homebuyer Program | Palmetto Home Advantage | |
|---|---|---|
| Repeat buyers | Generally no (first-time) | Yes |
| Income limits | Tighter | Often higher |
| Assistance form | Forgivable | Percentage-based |
| Best for | First-time buyers within the limits | Repeat buyers, higher incomes |
Exact amounts, forgiveness terms, and income limits are set by SC Housing and change; confirm at schousing.sc.gov.
How we pick with you
We start with two facts: whether you have owned a home in the last three years, and your household income. A first-time buyer within the Homebuyer Program limits usually takes it, the forgivable help is hard to beat. A repeat buyer, or someone over the first-time program’s income limit, goes to Palmetto Home Advantage. First-generation buyers may add the First-Generation help on top of either. It is a quick conversation that points you to the right door.
Common questions
Should I use the SC Housing Homebuyer Program or Palmetto Home Advantage?
If you are a first-time buyer within the income limits, the SC Housing Homebuyer Program's forgivable assistance often wins. If you are a repeat buyer or your income runs higher, Palmetto Home Advantage is usually the door. First-generation buyers may add the First-Generation help on top of either.
What is the difference between the two SC Housing programs?
The Homebuyer Program offers forgivable assistance, generally to first-time buyers within tighter income limits. Palmetto Home Advantage offers percentage-based assistance with more flexibility, repeat buyers and often higher income limits. The right one depends on your first-time status and income.
Can repeat buyers get SC Housing assistance?
Yes, through Palmetto Home Advantage, which serves repeat buyers as well as first-time buyers. A 640 credit score is required.
Ready to see your options?
Tell us your county, credit range, and price target, and we’ll map your South Carolina path in a no-pressure 20-minute call. No obligation.