We’ve gotten a few people asking us about ways to find teacher houses in South Carolina. Many states have housing programs that are designed specifically for teachers, and this one is no exception. In this article, we’ll teach you about how you can get involved with the South Carolina Teacher Housing Initiative, as well as how to explore other bad credit home loan options in South Carolina.
Looking for help as a teacher in Georgia? We have an article for that, too.
Get Help Pre Qualifying for a South Carolina Teacher Home Loan – Click Here!
South Carolina Teacher Housing Initiative
The South Carolina Teacher Housing Initiative is a special homebuyer program that is offered by the SC Department of Education to teachers who are looking for a home somewhere within the state. This program offers a loan with a special low interest rate of only 3 percent – not bad if you’re looking for teacher houses in South Carolina.
It also provides up to $8,000 in down payment assistance, though it usually ends up being closer to $5,000 – still not shabby. If you’re looking for home loans for teachers with bad credit, down payment assistance is especially important because loans with lower credit requirements usually have higher down payments. But everyone can benefit from having a little help when they’re looking for the perfect house in South Carolina, and $5,000 is a significant amount for this type of program.
So even if you end up going with a different mortgage program on this list to help you find a teacher house in South Carolina, you might ALSO choose to apply for the SCTHI just to get that extra help making the initial down payment.
No down payment home loans in South Carolina for teachers
If you’re looking for no down payment home loans in South Carolina for teachers, your options are going to be fairly limited. You may need to save a bit before looking for teacher houses in South Carolina.
VA loans for SC teachers
A VA loan is a type of home loan that is insured by the federal government’s Department of Veterans’ Affairs. As you might expect, these loans are therefore only available to veterans and eligible service members. However, if you are able to take advantage of these loans, they’re among the best mortgages for finding teacher houses in South Carolina – and the only program that will never come with a down payment! VA loans have no minimum credit requirements, no down payment, and no private mortgage insurance (which other loans require you to pay for part or all of the duration of the lease.) When combined with lower debt and income requirements, it means that any teacher who is also a veteran should be able to secure one of these loans and pay them out without trouble, making it easy and affordable to find great teacher houses in South Carolina.
Low down payment home loans in South Carolina for teachers
The following loan programs still require a down payment, but one which is much lower than the conventional down payment of 20 percent of the home’s total value. They are therefore more affordable than your typical loans for teacher houses in South Carolina and may be useful to those working in education.
FHA loans for SC teachers
FHA loans are one of the very best home buyer programs available to any educator who’s looking for good teacher houses in South Carolina. Unlike VA loans, FHA loans are available to anyone. And unlike a lot of home loans for teachers with bad credit in South Carolina, while FHA loans do have lower credit requirements, they ALSO have low down payments, bringing prospective home buyers the best of both worlds.
If you have a credit score of 580, you will only have to pay a 3.5 percent down payment (extremely low, and very affordable if you take advantage of one of the down payment assistance programs mentioned in this article.) If your score is less than 580, you may still be able to get a loan by providing alternative forms of credit (like proof that you regularly pay your utility bills) or by paying a down payment closer to 10 percent of the value of the home, which is still much cheaper than conventional closing costs.
USDA loans for SC teachers
USDA home loans are paid out (not merely insured) by the US Department of Agriculture. They’re available in the rural areas that make up much of South Carolina and have much lower income requirements than conventional loans (as well as lower down payments in most cases). Best of all, they offer 100 percent guaranteed financing.
If you’re looking for home loans for teachers with bad credit in South Carolina, you might be able to find a lender who will underwrite the credit requirements for you, especially if you have alternative credit available.
Not sure whether the FHA or USDA loan is right for you? You can learn more by clicking here.
Affordable Teacher Houses In South Carolina
Besides the above low- and no-down payment home loans, there are other ways to find affordable teacher houses in South Carolina. For example: if you’re having trouble paying your down payment on a teacher’s salary, you might want to look at down payment assistance programs like the SC Housing Homebuyer Program. This deferred loan grants you up to $6,000 to put towards the down payment on your house, and you won’t have to start paying that money back for 30 years.
You could also try taking out a rent-to-own contract on a South Carolina teacher house. These contracts operate the same as standard rental contracts except that you pay an additional, non-refundable options fee up front. Then, once the rental period is up, you will be given the opportunity to buy the house outright. This is ideal if you’re looking for aa cheap place to live now but think you’d like to own a home in the future after you’ve saved up some money and built up your credit.
We hope that you’ve learned a bit about the various methods you can use to find teacher houses in South Carolina without breaking the bank. Whether you choose an FHA loan, a VA loan, or to take part in the South Carolina Teacher Housing Initiative, we know you’ll be able to find a great home at a reasonable price in no time.