Homebuyer Assistance Program
Funding for the program is provided through the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program. Assistance will be provided in the amount of $5,000 on a first-come/first-served basis for eligible applicants.
The funds will be granted to eligible applicants as a deferred forgivable loan, which requires pro-rated repayment if the occupant sells the house or no longer occupies the house as their primary residence within five (5) years of the grant award.
Read more on this informational brochure.
*Application for Homebuyer Assistance Program.
(Lexington County has expended the fund allocation for the 2012/13 program year. Applications will be available in June 2013 for the 2013/14 program year.)
General eligibility requirements to receive assistance for this new program are:
- The applicant must purchase a home within Lexington County.
- The applicant must be able to qualify for a home mortgage independent of a co-signer. The mortgage must be a fixed rate mortgage.
- The applicant must occupy the property as the primary/principal residence.
- The applicant cannot presently own a home or land, nor have previously owned a home or land within the last three (3) years.
- The applicant must participate in the required homeownership classes.
- Funds provided through the program are to be used for units that do not exceed the HUD Single Family Mortgage Limits. Currently, for Lexington County, the sales price for a single-family dwelling cannot exceed $200,160 (95% of the median area’s purchase) to qualify for assistance.
- The property must appraise for at least the purchase price.
- The property selected for purchase must meet, at a minimum, Section 8 Housing Quality Standards (HQS). A Lexington County Building Inspector will inspect all homes to determine compliance with quality standards.
- The applicant must meet the income eligible requirements as established by HUD (see chart below.
Source: 2012 HUD Section 8 Income Limits
If you are interested in applying for assistance through the Homeownership Assistance Program or have questions, please contact the Community Development Department via phone at (803) 785-8121 or via e-mail at email@example.com.