How Down Payment Assistance Actually Works in Horry and Georgetown Counties

Down payment assistance is real in Horry and Georgetown counties. And you probably don’t have to be a first-time buyer to use it. That surprises most people I talk to.

Here’s the part that matters. These programs run on caps. An income cap, a purchase price cap, a credit standard. They also have terms attached that aren’t always in your favor. The assistance is worth having when it fits. It’s worth understanding before you count on it.

What down payment assistance is available in Horry and Georgetown counties?

The main source is South Carolina Housing, the state housing finance agency. Two of its programs matter most here.

Palmetto Home Advantage is available statewide, in all 46 South Carolina counties. SC Housing describes it as serving first-time, move-up, and repeat buyers with no first-time home buyer requirement. It can be paired with conventional, FHA, VA, or USDA financing.

County First Initiative is a rural program covering 31 counties, and both Horry and Georgetown are on that list. It offers forgivable down payment assistance alongside special fixed-rate financing, and pairs with FHA, USDA, or VA loans.

Being in a designated rural county is a genuine advantage, and people on the Grand Strand don’t expect it. “rural” isn’t the word that comes to mind when you’re standing on Ocean Boulevard. The designation is county-wide.

Do you have to be a first-time buyer?

Not for Palmetto Home Advantage. This is the misconception that costs people the most.

SC Housing states plainly that Palmetto Home Advantage has no first-time home buyer requirement — first-time, move-up, and repeat buyers are all eligible. County First is described as open to first-time or move-up borrowers.

I bring this up because I talk to people on their second or third house who assume assistance isn’t for them. They never ask. If your income fits under the cap, ask the question. The worst answer is no.

What are the income and price limits?

This is where most people find out whether they’re in or out, and the two programs count income differently.

For Palmetto Home Advantage, SC Housing lists a maximum borrower income of $135,750. Read that carefully, because the definition is unusual in a good way: SC Housing states it is not based on total household income and is not dependent on family size. If you have adults in the house whose income isn’t on the loan, that structure can work in your favor.

For SC Housing’s homebuyer program limits — the ones County First points to — Horry and Georgetown counties aren’t listed individually, which means they fall under the agency’s default limits. As of the 2025/2026 program year, for loans reserved or locked on or after April 15, 2025, those defaults were $108,600 for one to two people, $118,720 for three or more, and a home price limit of $450,000.

Two things to do with those numbers. First, notice the purchase price ceiling. On parts of this coast it rules out a real share of the inventory. It’s the cap that ends the conversation most often. Second, treat every figure in this paragraph as a snapshot. SC Housing revises limits, and programs open and close. Confirm the current numbers before you build a plan on them.

Is the assistance forgivable, or do you pay it back?

It depends on the program, and it’s the first question to ask about any assistance offer.

SC Housing describes the Palmetto Home Advantage assistance as forgivable, and County First as offering forgivable down payment assistance. Forgivable means that if you meet the program’s conditions, the assistance isn’t repaid.

Not all down payment assistance works that way. Some programs are structured as a repayable second mortgage — a second loan behind your first that you pay back on its own terms. Others are forgivable but only after you’ve stayed in the home for a set period, and selling or refinancing early can trigger repayment.

Those are very different things wearing the same label. Before you accept any assistance, get the answer to three questions in writing: Is it forgivable or repayable? If forgivable, what conditions and what timeline? What happens if I sell or refinance before then?

What’s the catch?

There usually is one, and it isn’t hidden — it’s just not the part that gets advertised.

First, there’s a credit standard. SC Housing lists a 640 minimum credit score for Palmetto Home Advantage. That’s attainable for many buyers, but it isn’t nothing, and if you’re below it the assistance conversation becomes a credit conversation first.

Second, and more important: assistance is usually attached to a specific loan product with its own pricing. The interest rate on an assisted loan may not be the same rate you’d get on a standard loan without assistance. I can’t tell you what that difference is — it moves, and it’s specific to your file — but I can tell you it exists and that it matters.

That’s the real trade. You get help with money you need at the closing table, and in exchange you may carry a different rate for as long as you hold the loan. Whether that’s a good trade depends on how much help you need and how long you plan to keep the mortgage.

Here’s what surprises people: for a buyer who has the down payment covered and just wants to keep more cash, the assisted loan can end up being the more expensive choice over time. For a buyer who genuinely cannot get to closing without it, it’s the difference between owning and not owning. Same program, opposite answers.

When does down payment assistance not make sense?

When you don’t actually need it, and when a lower down payment option would serve you better.

If your income is over the cap or the house is over the price limit, you’re out and it’s a short conversation. But there’s a middle case worth naming: buyers who qualify for assistance, don’t strictly need it, and take it anyway because free money is hard to turn down.

Before you do that, look at what conventional and government low down payment purchase options would cost you side by side with the assisted version. Sometimes a standard loan with a smaller down payment beats an assisted loan on total cost. Sometimes it doesn’t. The only way to know is to price both.

I’d rather run that comparison and tell you to skip the assistance than put you in the program with the better-sounding name.

What should you do first?

Find out how the program counts your income — before you shop, and before you fall for a house over the price cap.

That’s the one action. Income and price limits decide eligibility, and both are knowable in a single conversation. Everything else follows from whether you’re inside those lines.

If you’re close to a limit, that’s worth knowing too, because “close” sometimes means a different program fits better. There are more first-time home buyer options than most people realize, and assistance is only one of them.

Find out where you stand

If you’re buying in Horry or Georgetown County and want to know whether you fit inside SC Housing’s limits — and whether the assistance is actually the cheaper path for your situation — let’s check it before you start touring houses. I’ll verify the current program terms, since they change, and price the assisted and unassisted versions side by side. Get pre-qualified and we’ll check your eligibility.

Frequently asked questions

Do I have to be a first-time buyer to get down payment assistance in South Carolina?

Not for Palmetto Home Advantage. SC Housing states the program has no first-time home buyer requirement and serves first-time, move-up, and repeat buyers. The County First Initiative is described as open to first-time or move-up borrowers. Income and purchase price limits still apply either way.

Does Horry County qualify for the County First Initiative?

Yes. County First is a rural initiative covering 31 South Carolina counties, and both Horry and Georgetown are included. The designation applies county-wide, which surprises buyers who don’t think of the Grand Strand as rural. The program pairs forgivable assistance with special fixed-rate financing on FHA, USDA, or VA loans.

What is the income limit for down payment assistance in Horry County?

It depends on the program. SC Housing lists a maximum borrower income of $135,750 for Palmetto Home Advantage, and specifies that it is not based on total household income and is not dependent on family size. SC Housing’s homebuyer program limits for counties not listed individually — which includes Horry and Georgetown — were $108,600 for one to two people and $118,720 for three or more, with a $450,000 home price limit, for loans reserved or locked on or after April 15, 2025 under the 2025/2026 program year. Verify current figures with SC Housing before relying on them.

Do I have to pay down payment assistance back?

SC Housing describes both Palmetto Home Advantage and County First assistance as forgivable, meaning it isn’t repaid if you meet the program’s conditions. Other assistance programs are structured as repayable second mortgages, and some forgivable programs require you to stay in the home for a set period. Always ask whether assistance is forgivable or repayable, on what timeline, and what happens if you sell or refinance early.

Is down payment assistance always the cheapest option?

No. Assistance is usually tied to a specific loan product whose interest rate may differ from a standard loan without assistance. For a buyer who can’t reach closing otherwise, that trade is clearly worth it. For a buyer who already has the down payment and simply wants to keep cash, a standard low down payment loan can cost less over time. Price both before choosing.

About Travis Buis

Travis Buis is a loan officer with Elite Home Lending serving Myrtle Beach and the Grand Strand, working with buyers across Horry and Georgetown counties. He works with first-time and move-up buyers on the programs available here — state assistance, low down payment options, FHA, VA, and USDA — and re-checks program terms before quoting them, because SC Housing revises limits and opens and closes windows without much notice. His approach is to price every option side by side so the choice is yours to make. Get in touch.

Travis Buis, NMLS #1711446. Elite Home Lending, LLC — NMLS #2788023. Equal Housing Opportunity.

This article is for educational purposes only and is not a commitment to lend or an offer of credit. Program terms, rates, and eligibility standards are set by lenders, investors, and agencies and are subject to change without notice. Loan approval is subject to underwriting, credit approval, and property eligibility. Calculator results are estimates only. Nothing here is tax or legal advice — consult your CPA or attorney for your situation.