Down Payment Assistance

  1. Home
  3. Lending
  5. Down Payment Assistance

There’s No Place Like Home

A home is a valuable investment — often one of the largest and most important you make. However, it can be challenging to save the funds necessary for the costs associated with purchasing a home.

Through our Homebuyer Assistance programs, homeownership is an attainable goal. You may qualify to receive assistance for the down payment and/or closing costs to help you purchase the perfect home for you.

Read through the following programs, and notify your lender to get started in the application process. Each lender must first fill out the Home Buyer Assistance Application and then complete associated documents specific to the program they’re applying for (see below).

Home Buyer Assistance Application

Down Payment Assistance Programs

Greenville County Homebuyer Assistance Program

Are you a first-time buyer hoping to buy a home in Greenville County? Is your median income at or below 80% Area Median Income? You may be eligible for a forgivable five-year loan up to $4,000 to go toward your down payment and/or closing costs.

Eligible Buyers

(must meet all requirements)

  • First-time homebuyers (or not have owned a home in 3 years)
  • Have a household income at or below 80% Area Median Income
  • Secure a 30 year, fixed-rate first mortgage
  • Invest a minimum of $500 into the home purchase
  • Attend a CommunityWorks orientation
  • Attend a homebuyer education workshop through Greenville County Human Relations Key Program
Eligible Properties
  • New and existing properties in Greenville County
    • The max purchase price for a new construction home is $240,000
    • The max purchase price for an existing home is $195,000
  • The home must be the buyer’s principal residence
  • Monthly mortgage payment must be affordable (33% of monthly income)
Eligible Uses
  • Funds may be used for down payment and/or closing costs
  • The total of bank mortgage on the property may not exceed 100% of the appraised value (this does not include funds from CommunityWorks)
  • Buyers may not receive any funds back at the time of closing
Terms
  • Funds will be released to the buyer’s attorney at closing
  • Assistance will be secured by a promissory note and a mortgage lien on the property
  • Assistance is a non-amortizing subordinate loan at 0% interest
  • Assistance provided by GCRA will be forgiven over five or more years depending on the amount of assistance
  • Recapture of Funds provided by CommunityWorks must be repaid on the sale of the property if the subsidy term is not completed
  • Property cannot be rented prior to the completion of the subsidy term
Fee

A $325 loan origination fee and applicable wiring fees will be due at closing.

Associated documents
LENDER CHECKLIST
INCOME LIMITS
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