SC Housing (2024)

FAQs

What credit score do you need for housing in SC? ›

The minimum credit score is 620.

SC Housing announces the Hardest Hit Fund DPA Program, an FHA mortgage program for first-time* homebuyers in specific zip codes within Richland, Lexington and Sumter counties.

These funds were made available to South Carolinians under the Consolidated Appropriations Act of 2021, South Carolina Act 17 of 2021 and the American Rescue Plan Act of 2021. The SC Stay Plus program is closed, as of July 2023.

Can you get an apartment with a credit score of 500? Yes, you can. However, your options will be limited, and you may have to put down a higher security deposit or bring on a cosigner.

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Palmetto CAP's General Emergency Assistance Program (or GEAP) provides financial assistance to households who have encountered an unexpected financial hardship. Service include assistance with rent, prescription medication, protection from violence, disaster relief, food and more.

The states that received funds and set up Hardest Hit Fund programs are Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and Washington, D.C.

The American Rescue Plan Act of 2021 (ARPA) named the Homeowner Assistance Fund (HAF) as a mortgage assistance program for homeowners facing COVID-19 related financial hardships. South Carolina received $145 million for this program, which is branded in our state as the SC Homeowner Rescue Program (SC HRP).

Colorado ranked the top state in the nation for housing assistance from 2018 to 2019. Connecticut saw a 23.6% decline in homelessness from 2018 to 2019. In 2019, it was estimated that nearly 568,000 were experiencing homelessness. As of November 2020, 10.74 million Americans are unemployed.

How long is the Section 8 waiting list in SC? ›

When the list is open, you may apply online or request a paper application by mail, phone, email or fax. SC Housing is unable to accommodate walk-in requests. How long is the waiting list? SC Housing's goal is to offer rental assistance to applicants within 24 months of application.

SC Housing promotes homeownership opportunities to first-time and move-up homebuyers with reliable fixed-rate mortgages including down payment assistance to help cover down payment and closing costs.

Qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19; Demonstrates a risk of experiencing homelessness or housing instability; Has a household income at or below 80% of county media income adjusted by family size.

It is expected that most applications will be able to be processed within 30 days. If approved for SC Stay, will I receive the funds directly? No. Payments will be made directly to landlords and mortgage servicers.

For a conventional mortgage in California, you typically need a minimum score of at least 600. If you qualify for certain government-backed loans, however, you may be able to buy a home with a score as low as 500.

Generally, most landlords require applicants to have a credit score of at least 620 to be considered for rental housing. This means that if your FICO score is lower than 620, you may be denied an application or asked for additional security deposits or co-signers before being approved.

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670.

To qualify for an FHA loan, you'll need to meet the following loan requirements: A minimum 3.5% down payment. You'll need a 580 credit score or higher to be considered for a 3.5% down payment. Lower scores require a higher down payment.