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I need downpayment assistance in SC

My wife and I are first-time homebuyers, and have found "THE" house that meets our needs, is at a great location, and a good price. Problem is, it needs different repairs like a new roof, some insulation, etc. We don't have the cash, so we need to build these costs into a 203K rehabilitation loan. This loan requires 3.5% down, which is going to be pretty difficult right now (if no repairs were required, we would've used the Rural Housing loan which requires no down payment).

Does anyone know of a way to get down payment assistance? We live in SC. The state has a program that allows for a $4,000 forgiveable 2nd mortgage, but we are outside the income limit by about $2,000.

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June 06 2011 - Greer
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Answers (1)

Sounds like you've done your homework but wanted to add that "Gift Funds" are allowed on FHA loans including 203k loans.  Have you considered getting the funds from a:

relative
employer or labor union
close friend
or a
charitable organization/church

These are all qualified sources of "gift funds".

Hope that is of some help.

Good Luck !!!
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July 27 2011
 
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