Downpayment Assistance
- Jimmy Worthy
- Mar 20
- 3 min read
Updated: Mar 27
The City of Florence housing initiative provides financial assistance to eligible applicants towards the purchase of a home. The City of Florence does not discriminate on the basis of race, color, national origin, religion, sex, disability, or familial status in admission or access to its programs.
❖ Funds are available on a first-come, first-serve basis.
❖ There is a $25 nonrefundable application fee for all applicants.
❖ Clients must complete a home-buyers education class.
❖ Clients must meet the income eligibility – if required. All Income sources are identified and counted.
❖ The home must pass inspection by the City and/or state prior to closing.
CDBG Target Area Down-payment Assistance
The City of Florence will provide 20% (up to $20,000) of the purchase price of a home towards down-payment and closing cost assistance to eligible applicants in the targeted areas of North, Northwest, and East Florence. Down-payment assistance will be in the form of a 10 year deferred, forgivable second mortgage on the property. Client must maintain home as “primary residence” for 10 years. Pro-rated funds are due back to the City if the client sells the home before the 10 years have expired. Client must provide at least $500 of their own funds towards the home purchase. Client must be approved by a bank or mortgage lender.
North Pointe Subdivision Down-payment Assistance
The City of Florence will provide up to $30,000 in down-payment and closing cost assistance to eligible applicants that purchase a newly constructed home in North Pointe Subdivision. Down-payment assistance will be in the form of a 15 year deferred, forgivable second mortgage on the property. Client must maintain home as “primary residence” for 15 years. Pro-rated funds are due back to the City if the client sells the home
before the 15 years have expired. Client must provide at least $1,000 of their own funds towards the home purchase. The City will pay a realtor’s fee of 2%. Client must identify their realtor (if applicable) on their application form. Client must be approved by a bank or mortgage lender.
City of Florence Neighborhood Redevelopment Down-payment Assistance
The City of Florence is constructing new homes throughout North, Northwest, and East Florence. This program provides eligible applicants with down-payment and closing cost assistance towards the purchase of these homes. Amount of assistance varies and depends on the home purchased and will be provided on a case-by case basis. Down-payment assistance will be in the form of a 15 year deferred, forgivable second mortgage on the property. Client must maintain home as “primary residence” for 15 years. Pro-rated funds
are due back to the City if the client sells the home before the 15 years have expired. Client must provide at least $1,000 of their own funds towards the home purchase. The City will pay a realtor’s fee of 4%. Client must identify their realtor (if applicable) on their application form. Client must be approved by a bank or mortgage lender.
There are also statewide downpayment assistance.
Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers a variety of homeownership and rental products. Provides up to $17,500 in down-payment, closing-cost, and principal reduction assistance for the purchase of a home by a first-time homebuyer. The homebuyer must contribute at least $1,000. You can purchase owner-occupied 1-4 family properties!
SC State Housing
SC Housing’s Homebuyer Program can put you in a loan you can live with – one that’s affordable and consistent over the long term.
Comments