Worried a big down payment is standing between you and a first home in Greenville County? You’re not alone, and the good news is you have real options. This guide breaks down the loans and assistance programs first-time buyers commonly use here, what eligibility usually looks like, and the exact steps to get started. Program rules change often, so you’ll learn how to verify the latest details and build a clear plan with a local lender. Let’s dive in.
What help exists locally
First-time buyer help in Greenville County generally comes from four places:
- State programs through SC Housing that pair mortgages with down payment or closing cost assistance and sometimes a Mortgage Credit Certificate.
- Federal mortgages that work well for first-time buyers, including FHA, VA, USDA, and conventional low-down-payment options.
- Local city or county offerings that use federal HOME or CDBG funds for assistance or education, sometimes in partnership with nonprofits.
- HUD-approved housing counseling agencies and participating lenders who deliver education, pre-approval, and program access.
Program names and limits change frequently. Always confirm current offerings with SC Housing, Greenville County or City of Greenville housing offices, and your lender before you apply.
Popular first-time mortgages
FHA loans
- Typical down payment is 3.5% when your credit score is 580 or higher; some buyers with lower scores may need a larger down payment.
- Requires upfront and annual mortgage insurance that affects your monthly payment.
- Often helpful if you have limited savings or past credit hiccups and you plan to live in the home as your primary residence.
VA loans
- Available to eligible veterans, active service members, and some surviving spouses, often with 0% down.
- No private mortgage insurance; a VA funding fee usually applies and can often be financed. Some borrowers may qualify for a waiver.
- Property must meet VA standards and be your primary residence.
USDA loans
- Designed for eligible rural areas and income-qualified households, with 0% down possible.
- The property must be in a USDA-eligible area and your household income must be under the limit.
- In Greenville County, many city neighborhoods will not qualify, but some outlying areas may.
Conventional 3 percent down
- Options like Fannie Mae’s HomeReady or Freddie Mac’s Home Possible allow 3% down for qualified borrowers.
- Private mortgage insurance is required until your equity reaches a set level; it can often be removed later.
- Typically better for buyers with stronger credit and steady debt-to-income ratios.
Down payment assistance basics
Common assistance types
- Deferred second mortgage at 0% interest, repayable when you sell, refinance, or move out; some versions are forgiven after you live in the home for a set period.
- Forgivable grant that does not require repayment if you meet program terms, such as owner-occupancy for a certain number of years.
- Low-interest or repayable second mortgage with a set term and monthly payments.
- Closing cost assistance that covers part of your settlement charges.
- Mortgage Credit Certificate that may provide an annual federal tax credit on a portion of your mortgage interest.
Typical eligibility rules
- First-time buyer status often means you have not owned a principal residence in the past three years. Some programs make exceptions for veterans or targeted areas.
- Income limits usually tie to HUD area median income and vary by household size.
- Purchase price caps apply so help reaches affordable properties.
- Homebuyer education from a HUD-approved provider is frequently required.
- Primary residence use only; investors and second homes are not eligible.
- You still must qualify for the first mortgage underwriting standards and any minimum credit score set by the program.
How programs can combine
Many assistance programs are designed to be used alongside a specific first mortgage. For example, state programs may require you to use a participating lender and one of their mortgage products. Others can be layered with FHA, VA, USDA, or conventional loans, but there are rules on how much assistance you can receive and how it is applied at closing. Ask your lender early about compatibility and timing requirements.
Greenville County checkpoints
- Check SC Housing for current statewide down payment or closing cost assistance and whether an MCC is available.
- Review Greenville County and City of Greenville community development pages for local HOME or CDBG-funded options.
- Use the USDA eligibility map to see if a specific address qualifies in outlying areas of the county.
- Contact HUD-approved housing counseling agencies in Greenville County for required education and pre-purchase guidance.
- Ask local nonprofits or housing organizations about any targeted programs that may open during the year.
Your step-by-step plan
- Check eligibility early
- Identify which loans you might qualify for and whether your income and target price range fit typical program limits.
- Confirm active options with SC Housing and local city/county housing offices.
- Talk to a knowledgeable lender
- Get pre-approved with a lender experienced in FHA, VA, USDA, conventional first-time programs, and SC Housing products.
- Ask about layering down payment assistance, how it affects your cash to close, and what to reserve before making offers.
- Complete homebuyer education
- If required, enroll in a HUD-certified class. Keep your completion certificate for your lender and any program applications.
- Gather documentation
- Collect ID, income, asset, and tax documents in advance so your application moves quickly. See the checklist below.
- Include assistance in your offer plan
- If a program requires pre-approval or a reservation number, secure it before you write offers.
- Coordinate with your agent and lender to disclose the assistance correctly in the contract and at closing.
- Track post-closing rules
- If your assistance is forgivable after a certain number of years, set a reminder to know when conditions are met.
- Keep your program paperwork in a safe place for future refinance or sale.
Documents to gather
- Government-issued photo ID and Social Security number.
- Recent pay stubs for 30 days and W-2s for two years.
- Federal tax returns, especially if you are self-employed.
- Bank statements for the most recent one to three months and documentation of other assets.
- Proof of address and household composition if requested.
- VA Certificate of Eligibility for VA loans.
- Homebuyer education certificate and any program-specific forms.
Avoid these missteps
- Waiting to check eligibility until after you find a home. Some assistance must be reserved early.
- Assuming every property or buyer qualifies for USDA or a specific program without checking maps and limits.
- Forgetting how mortgage insurance or funding fees change your monthly payment and overall affordability.
- Skipping the education course when it is required for approval or better terms.
Ready to get started?
A clear plan makes your first purchase smoother and more affordable. If you want help lining up the right loan and verifying which assistance fits your budget in Greenville County, reach out. Pam Merritt can connect you with trusted local lenders who know SC Housing, FHA/VA/USDA, and first-time buyer options, then guide you through homes that match your approval and goals.
FAQs
Who counts as a first-time buyer in Greenville County?
- Many programs define it as not owning a principal residence in the past three years, though some make exceptions for veterans or purchases in targeted areas.
How much down payment is needed to buy in Greenville?
- FHA commonly requires 3.5% with a 580+ score, conventional options may allow 3% for qualified buyers, and VA or USDA can offer 0% down if you meet eligibility.
Can I use down payment assistance with FHA or VA loans?
- Often yes, but it depends on the program; some require a specific first mortgage and have rules on how assistance is layered and applied at closing.
Does credit score impact first-time buyer programs?
- Yes; FHA tends to be more flexible, conventional programs are stricter, and VA has no single minimum score set by VA though lenders use guidelines, so ask your lender early.
How do I find current assistance programs in Greenville County?
- Check SC Housing for statewide offerings, review Greenville County and City of Greenville housing pages for local options, and speak with a local lender who works with these programs.
