PATH
The PATH Program provides down payment and closing cost assistance to Greenville County employees looking to purchase a home. Employees may apply at any time with funding awards made on a continuous basis.
PATH Goals
- Increase Greenville County workforce recruitment and retention
- Increase affordable homeownership opportunities for Greenville County employees
- Reduce the cash-to-close barrier to homeownership for middle-income workers
Eligibility Criteria
Borrower
- First-time homebuyer requirement: Yes
- Employment status / eligible Greenville County employee groups: In good standing as verified by Human Resources, All Greenville County Employees
- Minimum employment period: 1 year
- Credit / underwriting requirements: First mortgage lender approval and affordable payment
- Homebuyer education requirement: HUD Approved Homebuyer education course required through Human Relations Commission
- Primary residence / occupancy requirement: Must be primary residence
- Other borrower requirements: For additional requirements, see Program Guidelines
Property
- Eligible geography: Greenville County, excluding the City of Greenville
- Eligible property types: SFD, SFA, Condominium, Duplex, De-titled mobile home on perm foundation, manufactured home
- Maximum purchase price: None
- Inspection / code / habitability standards: Property must meet all applicable state and local codes
- Owner-occupancy and resale restrictions: 10-year restricted use as owner occupied, years 0-5 loan recaptured, years 5-10 forgiven incrementally
Maximum Assistance Available
| Borrower and Co-Borrower Annual Income | Maximum Assistance |
|---|---|
| Up to $70,000 | $40,000 |
| Between $70,000 – $85,000 | $30,000 |
| Between $85,000 – $105,000 | $20,000 |
| Between $105,000 – $130,000 | $10,000 |
Actual assistance will be based on affordability and cash needed to close.
Loan Terms
| Assistance type | Forgivable loan |
| Interest rate | 0% |
| Term | 30 year |
| Repayment trigger | Home sale, first mortgage foreclosure, no longer owner-occupied |
| Subordination policy | Will subordinate to no cash-out refinances |
| Recapture policy | Recaptured at 100% from year 0-5 |
| Forgiveness | Forgiven at 20% of loan amount per year between year 5-10 |
| Lien position and closing documents | Second lien position, restrictive covenant, and note |
| Employment requirement | Must remain employed with County for loan forgiveness |
| Stacking with other assistance | Eligible for stacking |
| Required borrower contribution | $500 |
| Prepayment penalty | None |
| Payments required | None |
Supporting Documents for PATH Loan Preapproval:
- Completed PATH application, and ALL supporting documents:
- 4 Most recent paystubs (for all borrowers)
- 4 most recent bank statements (all borrowers)
- 2 years of W-2’s
- 2 years of 1040’s (tax returns)
- Court ordered child support (if applicable)
- SSI, disability, and retirement income (if applicable)
- Copy of driver’s license (everyone over the age of 18)
- GCRA will verify good standing with County HR.
- All applicants must pass a background check and sex offender check.
- Property must pass a GCRA inspection.
Questions?
To contact GCRA with any questions, you may email Julie Hallman at jhallman@gcra-sc.org or call her at (864) 242-9801, extension 109.
Upcoming Workshops
This workshop will provide you with an overview of the home buying process. Our staff will cover topics like homeownership, mortgage basics, and the down payment assistance process.
Dates/times, location, registration links – Coming Soon!
PATH Process
- Reach out to GCRA to assess your financial readiness.
- Complete the PATH application and provide all supporting documents to the GCRA Housing Specialist (Julie Hallman).
- GCRA will provide a conditional pre-approval or denial letter for PATH assistance.
- Choose a Realtor to help you search listings. Choose a Loan Officer or Lender to obtain a loan pre-approval. Provide loan pre-approval to GCRA.
- Make an offer on a home. including price, contingencies, and proposed closing timeline.
- Realtor to provide a copy of purchase contract to GCRA.
- Home inspection completed. Copy provided to GCRA.
- Complete the home inspection and review findings to decide whether to negotiate repairs, request credits, or proceed as planned.
- Take the homebuyers education with Human Relations and provide certificate of completion to GCRA (buyer cost)
- Realtor and/or loan officer will reach out to GCRA to coordinate the PATH program funds transfer.
- Finalize your mortgage application and complete the lender’s requirements, including appraisal, underwriting, and document verification. Provide Loan Estimate and appraisal to GCRA for review.
- GCRA will provide Restrictive Covenant and Promissory Note to closing attorney to be signed at closing.
- Review closing disclosures, confirm final costs, and prepare the funds needed for closing. GCRA will also review the Final Closing Disclosure/Settlement Statement.
- Complete a final walkthrough of the property to verify agreed-upon condition and repairs.
- Attend closing, sign the required documents, transfer funds, and receive the keys to your new home.
- Attorney will provide signed closing disclosure, Promissory Note, and recorded original Restrictive Covenant to GCRA after closing.