News Summary
In July, South Carolina reached a historic milestone with its State Housing Finance and Development Authority providing assistance to 276 homebuyers, totaling nearly $70 million. This success marks the agency’s most productive month ever. The increase in support reflects a strong commitment to helping first-time buyers, particularly through the Palmetto Heroes program aimed at frontline professionals. Despite market challenges, SC Housing continues to enhance homeownership opportunities for all South Carolinians, working to overcome barriers and enhance community stability.
South Carolina Sets Record for Homeownership Assistance in July 2025
South Carolina achieved a historic milestone in July 2025, as the South Carolina State Housing Finance and Development Authority, known as SC Housing, set a new record for homeownership assistance. The agency reported assisting 276 homebuyers during the month, providing a total of $69,907,656 in financial support. This achievement marks July 2025 as the most successful month in the agency’s history.
Strong Year for First-Time Homebuyers
In the fiscal year 2025 alone, SC Housing assisted 1,992 first-time and qualifying homebuyers, a significant 13% increase compared to the previous record set in fiscal year 2024. Overall, the financing facilitated by SC Housing during the year exceeded $465 million, reflecting a 17% year-over-year growth.
Homeownership Programs and Support
SC Housing aims to enhance access to homeownership for South Carolinians through a variety of programs targeted at first-time buyers and income-qualified individuals. These initiatives include forgivable down payment assistance and lower fixed interest rates for eligible applicants. One of the standout programs, known as Palmetto Heroes, specifically supports frontline professionals such as teachers, nurses, and law enforcement personnel in securing mortgages. In 2025, the Palmetto Heroes program registered 331 home loans totaling more than $83 million, providing participants with $10,000 in forgivable down payment assistance.
Market Conditions Affecting Homeownership
The record achievements come amidst challenging market conditions, where the median existing-home price in the United States reached $420,800 in June 2025. This price increase has raised affordability concerns among potential homebuyers, particularly first-time purchasers. Additionally, the average 30-year mortgage rates have been hovering around 7%, further complicating the landscape for those looking to buy a home.
Commitment to Community Support
SC Housing emphasizes its commitment to overcoming barriers faced by individuals seeking homeownership, including those with limited credit access or facing high housing costs. The Director of single-family programs at SC Housing highlighted the positive impact of homeownership on families and communities, reflecting the agency’s larger goal of fostering stability and growth through homeownership.
Conclusion
As South Carolina looks to the future, SC Housing is dedicated to expanding its programs and support structures to assist more individuals and families in achieving the dream of homeownership. The agency’s recent record in homeownership assistance demonstrates its effectiveness in navigating market challenges while providing crucial support to those in need.
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FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
