Homebuyer Programs in Myrtle Beach, SC (2026)
Myrtle Beach is a fast-growing coastal city in Horry County, South Carolina, known for its tourism industry and affordable housing relative to other beach communities. With a median home price around $290,000, buyers here can access several valuable assistance programs. The SC Housing Homebuyer Program offers up to $10,000 in forgivable down payment assistance, while the Palmetto Home Advantage program provides up to 4% of the loan amount as a forgivable second mortgage. Eligible teachers, nurses, veterans, and first responders can also tap the Palmetto Heroes Program for $10,000 in forgivable assistance. Locally, Carolina Trust Federal Credit Union offers a first-time homebuyer mortgage with 100% financing and no PMI on loans up to $600,000, and Habitat for Humanity of Horry County provides interest-free mortgages with only $2,000 down for qualifying families. By combining state and local programs, Myrtle Beach buyers may be able to cover their entire down payment and closing costs.
Top Homebuyer Programs in Myrtle Beach
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Horry County HOME Consortium Homeownership Assistance | Grant | Varies by project and funding availability | No | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Carolina Trust First-Time Homebuyer Mortgage | Grant | 100% financing up to $600,000 with no PMI | Yes | View → |
| Habitat for Humanity of Horry County Homeownership Program | Zero-Interest Loan | Interest-free mortgage with only $2,000 down payment required | Yes | View → |
| Palmetto Heroes Program | Forgivable Loan | $10,000 in forgivable down payment assistance | Yes | View → |
| Palmetto Home Advantage | Forgivable Loan | Up to 4% of the first mortgage loan amount | No | View → |
| SC Housing Homebuyer Program | Forgivable Loan | Up to $10,000 in forgivable down payment assistance | Yes | View → |
- Type:
- Grant
- Amount:
- Varies by project and funding availability
- First-time only:
- No
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Grant
- Amount:
- 100% financing up to $600,000 with no PMI
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Interest-free mortgage with only $2,000 down payment required
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $10,000 in forgivable down payment assistance
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to 4% of the first mortgage loan amount
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $10,000 in forgivable down payment assistance
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. Most state programs require household income at or below 80% of the area median income for Horry County. Review income and purchase price limits on the SC Housing website or contact them at (803) 896-2211.
- Step 2:
Complete homebuyer education. SC Housing programs require a HUD-approved homebuyer education course. Contact the Myrtle Beach HUD-approved counseling agency at (843) 918-1525 at 605 10th Avenue North, Myrtle Beach, SC 29577 for pre-purchase education workshops.
- Step 3:
Contact a participating lender. SC Housing works with over 100 approved lenders statewide. Ask specifically about the SC Housing Homebuyer Program, Palmetto Home Advantage, and Palmetto Heroes (if you qualify as a teacher, nurse, veteran, or first responder). Carolina Trust Federal Credit Union at (843) 448-2133 also offers a no-down-payment, no-PMI first-time homebuyer mortgage.
- Step 4:
Get pre-approved for a mortgage. Your lender will determine which programs you qualify for and how much assistance you can receive. Have your income documentation, tax returns, and employment history ready.
- Step 5:
Find a home within program limits. SC Housing programs have purchase price limits that vary by county. Your lender can confirm the current limits for Horry County.
- Step 6:
Submit your application and close. Once you have a signed purchase contract, your lender will process your SC Housing or other program application alongside your mortgage. Plan for a typical closing timeline of 30-45 days.