What credit score do I need to buy a home in SC or NC?

It depends on the loan program. VA loans have no official minimum (most lenders look for 580+). FHA loans typically require 580 for 3.5% down. Conventional loans usually need 620 or higher.

Can I buy a home with zero down payment?

Yes. VA loans offer 100% financing for eligible veterans and active-duty service members. USDA loans also offer zero-down options in qualifying rural areas of NC and SC.

How long does the mortgage pre-approval process take?

In most cases, we issue a pre-approval within 24 hours of receiving your documents.

What is the difference between FHA and conventional loans?

FHA has lower credit requirements and smaller down payments (3.5%) with MIP for the life of the loan. Conventional requires 620+ but allows mortgage insurance removal at 20% equity.

Do you offer construction loans in South Carolina?

Yes. We offer one-time close construction loans available as VA, Conventional, Investor, and Development programs.

Buying your first home in Charleston? See If You Qualify for Assistance → – Find out in minutes, no obligation.

Down Payment Assistance Programs in Charleston SC (2026)

One of the biggest hurdles for first-time buyers in Charleston is saving enough for a down payment. The good news: South Carolina and local agencies offer several programs that can provide thousands of dollars in assistance – and some of it never has to be repaid. This guide covers every program available to Charleston homebuyers in 2026.

Explore Our Mortgage Calculators →

What Is Down Payment Assistance?

Down payment assistance (DPA) refers to programs that provide grants, forgivable loans, or deferred second mortgages to help cover the upfront costs of buying a home. These programs are typically offered by state housing agencies, local governments, and non-profit organizations. Most are targeted at first-time buyers or those who haven’t owned a home in the past 3 years.

SC Housing Down Payment Assistance Programs

Program	Assistance Amount	Repayment	Who Qualifies
SC Housing Homeownership Program	Up to $10,000	Forgiven after 10 years	First-time buyers, income limits apply
Palmetto Home Advantage	3–4% of loan	Forgiven over time	Conventional, FHA, VA, USDA buyers
SC Housing Mortgage Tax Credit	Up to $2,000/year tax credit	N/A (tax benefit)	First-time buyers with qualifying loan
HUD-Approved Counseling Grant	Varies	N/A	All buyers completing HUD counseling

How Down Payment Assistance Works With Your Loan

Most DPA programs work as a second mortgage or grant layered on top of your primary loan (FHA, conventional, USDA, or VA). Here’s a simplified example:

Home price: $280,000
FHA loan (3.5% down): $9,800 required
SC Housing DPA: $9,800 provided
Out-of-pocket for down payment: $0

You would still need funds for closing costs unless you negotiate seller concessions or use a lender credit.

Learn about closing costs in Charleston SC

Income and Purchase Price Limits

Most DPA programs have income limits based on household size and area median income (AMI). For Charleston County in 2026:

Household Size	Income Limit (approx.)
1–2 persons	Up to $97,000
3+ persons	Up to $111,000

Purchase price limits also apply – typically up to $400,000–$450,000 for Charleston area. Check with your loan officer for current limits.

Video: How Down Payment Assistance Works in SC
[Video explanation of SC Housing DPA programs – coming soon]

FHA + DPA: The Most Popular Combo for Charleston Buyers

Pairing an FHA loan with SC Housing down payment assistance is one of the most popular strategies for first-time buyers in Charleston. FHA loans allow credit scores as low as 580 with just 3.5% down – and with DPA, that 3.5% can be covered entirely.

Learn more about FHA loans in Charleston SC

VA + DPA: Zero Down for Military Buyers

Veterans and active-duty military in Charleston can combine VA loan benefits (zero down payment, no PMI) with grants for closing costs. Charleston is home to Joint Base Charleston, making this combination especially relevant for local military families.

See how VA loans work in Charleston SC

Steps to Apply for Down Payment Assistance

Check eligibility – Review income, purchase price, and first-time buyer requirements
Complete HUD counseling – Required for most SC Housing programs (online or in-person)
Get pre-approved – Work with a participating lender to determine your loan + DPA combination
Find your home – Shop within the eligible price range for your program
Close with assistance – DPA funds are applied at closing

Find out if you qualify today.
Start Your Pre-Approval → – I’ll check every available program for your situation.

About Your Loan Officer

MBDOBY – Licensed Mortgage Loan Officer, Charleston SC
Edge Home Finance | Specializing in First-Time Buyer Programs

I work with every major DPA program available in South Carolina and will help you find the combination that puts the most money in your pocket at closing. Let’s talk through your options – no cost, no commitment.

Apply with me today →

Related Guides for Charleston Homebuyers

Also explore our full loan options.