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Homebuyer Programs in Myrtle Beach, South Carolina (2026)

Est. City Population

40,535

Median Home Price

$270,000

Est. Closing Costs

$6,750

By Tyler Thompson · NC Licensed Agent · Updated May 29, 2026

Myrtle Beach is the largest city in Horry County and the heart of the Grand Strand, a 60-mile stretch of coastline along South Carolina's Atlantic coast. With a population of approximately 40,500 full-time residents, the city's economy is driven by tourism, hospitality, healthcare, and education, with major employers including the City of Myrtle Beach, Coastal Carolina University, Grand Strand Regional Medical Center, and the Horry County Department of Education. The median home price sits around $270,000, which is higher than inland markets like Spartanburg and Columbia but considerably lower than Charleston or Mount Pleasant.

First-time buyers should explore neighborhoods like Forestbrook, which offers spacious lots and a suburban feel at prices below the coastal average, and Carolina Forest, known for top-rated schools and family-friendly communities. Belle Park provides affordable entry points close to schools, while the Market Common area offers walkable mixed-use living. Buyers willing to look slightly inland toward Conway or the Socastee area will find even more affordable options within a short drive of the beach. Nearby cities like North Charleston, Summerville, and Goose Creek in the Lowcountry offer alternative markets for buyers considering other parts of South Carolina.

While Myrtle Beach does not currently have a city-funded down payment assistance program, buyers can access strong state-level support through the South Carolina State Housing Finance and Development Authority. The SC Housing Homebuyer Program provides forgivable down payment assistance for first-time buyers, and the Palmetto Home Advantage offers up to 4% of the loan amount with no first-time buyer requirement. On a $270,000 home with a 3.5% Federal Housing Administration down payment of $9,450 and estimated closing costs of $6,750, stacking the SC Housing Homebuyer Program with the Palmetto Home Advantage could cover the majority of upfront costs.

Myrtle Beach buyers have access to 1 local nonprofit program, 3 state programs through South Carolina State Housing Finance and Development Authority, and 7 federal programs. Habitat for Humanity of Horry County provides an additional pathway to homeownership for qualifying families through its interest-free mortgage program with only $2,000 down.

Local Down Payment Assistance Programs

Programs below are administered locally and are specific to this city, county, or area nonprofits.

Nonprofit Programs

Habitat for Humanity of Horry County Homeownership Program
Affordable mortgageAffordable home with interest-free mortgage and $2,000 down paymentFirst-time: Yes

What Does Buying a $270,000 Home in Myrtle Beach Actually Cost?

Purchase Price$270,000
Down Payment (3.5%)$9,450
Estimated Closing Costs$6,750
Total Cash Needed$16,200
minusSC Housing Homebuyer Program (forgivable down payment assistance for first-time buyers)-$10,000
minusPalmetto Home Advantage (4% of $270,000 loan amount, forgivable)-$10,800
Your estimated out-of-pocket with maximum assistance$0

This example assumes a $270,000 home in Myrtle Beach with a 3.5% Federal Housing Administration down payment. The SC Housing Homebuyer Program covers $10,000 and the Palmetto Home Advantage covers $10,800, totaling $20,800 in combined assistance against $16,200 in upfront costs. Remaining assistance may be applied to prepaid items or reserves depending on program rules. Buyers must work with a South Carolina State Housing Finance and Development Authority approved lender. Income limits apply for both programs. The Palmetto Home Advantage has a statewide income limit of $137,500.

How to Apply for DPA Programs in Myrtle Beach

  1. 1
    Step 1

    Check your eligibility. The SC Housing Homebuyer Program requires first-time buyer status and income within Horry County limits. The Palmetto Home Advantage has no first-time buyer requirement and a statewide income limit of $137,500. Review current income and purchase price limits on the South Carolina State Housing Finance and Development Authority website. For the Habitat for Humanity of Horry County program, household income must fall between 35% and 80% of the area median income.

  2. 2
    Step 2

    Complete a homebuyer education course. All South Carolina State Housing Finance and Development Authority programs require homebuyer education through a Housing and Urban Development approved counseling agency. The Housing Authority of Myrtle Beach offers pre-purchase education workshops and can be reached at 843-918-1525 at 605 10th Avenue North, Myrtle Beach, South Carolina 29577.

  3. 3
    Step 3

    Contact a housing counselor. Reach the Housing Authority of Myrtle Beach at 843-918-1525 for pre-purchase counseling, or call Housing and Urban Development's national hotline at 800-569-4287 to find additional approved counseling agencies serving Horry County. For the Habitat for Humanity program, contact Habitat for Humanity of Horry County at 843-650-8815 or contact@habitatmb.org.

  4. 4
    Step 4

    Get pre-approved for a mortgage. Work with an South Carolina State Housing Finance and Development Authority approved lender to access state programs. Your lender will help determine which combination of the SC Housing Homebuyer Program, Palmetto Home Advantage, and federal loan products best fits your situation. Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture loans are all compatible with South Carolina State Housing Finance and Development Authority programs.

  5. 5
    Step 5

    Find a home within program limits. The Palmetto Home Advantage has no sales price limit, while the SC Housing Homebuyer Program caps at $450,000. Myrtle Beach offers a range of options from condos near $190,000 to single-family homes starting in the mid-$200,000 range. Neighborhoods like Forestbrook, Carolina Forest, and Belle Park offer family-friendly options at accessible price points.

  6. 6
    Step 6

    Submit your application through your lender. Your South Carolina State Housing Finance and Development Authority approved lender coordinates the application for state programs. Down payment assistance funds are applied at closing. Allow 30 to 60 days for processing. If applying for the Habitat for Humanity of Horry County program, download the application packet from their website or visit their office at 165 Co-Op Road, Myrtle Beach, South Carolina 29588.

Housing Market in Myrtle Beach

The Myrtle Beach housing market has shifted firmly in favor of buyers heading into mid-2026. The median sale price sits around $270,000, with year-over-year price movement showing modest gains of approximately 1 to 2%. Homes spend a median of roughly 90 days on market, significantly longer than the statewide average, giving buyers considerable time to negotiate and compare options.

Inventory levels have expanded substantially, with supply approaching a balanced to oversupplied condition. The condo market, which makes up a significant portion of Myrtle Beach inventory, offers entry points near $190,000, while single-family homes typically start in the mid-$200,000 range. Sales volume has declined year-over-year, reflecting cooler demand and greater buyer leverage.

For first-time buyers, these are some of the most favorable conditions in recent years along the Grand Strand. Increased inventory, longer days on market, and stable prices create room to negotiate seller concessions and layer in state-level down payment assistance. Compared to tighter coastal markets like Charleston and Mount Pleasant, Myrtle Beach offers substantially more inventory and less competition at comparable price points. Market data sourced from Redfin and Realtor.com as of spring 2026.

Frequently Asked Questions About DPA in Myrtle Beach

How much down payment assistance can I get in Myrtle Beach?
While Myrtle Beach does not have a city-funded down payment assistance program, buyers can access strong state-level support. The SC Housing Homebuyer Program provides forgivable down payment assistance for first-time buyers, and the Palmetto Home Advantage offers up to 4% of the loan amount for both first-time and repeat buyers. Teachers, nurses, law enforcement officers, firefighters, and veterans may also qualify for the Palmetto Heroes Program, which provides $10,000 in forgivable assistance. Habitat for Humanity of Horry County offers interest-free mortgages with only $2,000 down for qualifying families.
What credit score do I need for down payment assistance in Myrtle Beach?
The SC Housing Homebuyer Program and Palmetto Home Advantage require a minimum credit score of 640. Federal Housing Administration loans allow scores as low as 580 with a 3.5% down payment. The Habitat for Humanity of Horry County program considers credit score and debt-to-income ratio as part of the ability-to-pay evaluation, with no more than $2,000 in bad debts or debts in collections allowed.
Can I combine South Carolina state programs when buying in Myrtle Beach?
Yes, stacking state programs is one of the most effective strategies for Myrtle Beach buyers since there is no city-level down payment assistance. You can use the SC Housing Homebuyer Program for forgivable assistance paired with the Palmetto Home Advantage for up to 4% of the loan amount. Eligible public service professionals can also access the Palmetto Heroes Program for $10,000 in additional forgivable assistance. Contact an South Carolina State Housing Finance and Development Authority approved lender to confirm which combinations are available for your situation.
What is the maximum home price for assistance programs in Myrtle Beach?
The Palmetto Home Advantage has no sales price limit, making it particularly useful in coastal markets where prices can vary widely. The SC Housing Homebuyer Program has a purchase price limit of $450,000. Federal Housing Administration loans in Horry County have county-specific loan limits. Veterans Affairs loans have no loan limit for borrowers with full entitlement. These limits accommodate the range of single-family homes and condos available in Myrtle Beach.
How do I apply for the Habitat for Humanity homeownership program in Myrtle Beach?
Habitat for Humanity of Horry County builds homes and sells them to qualified buyers at no profit with an interest-free mortgage. To qualify, you must have lived in Horry County for at least 12 months, have household income between 35% and 80% of the area median income, have no more than $2,000 in bad debts, and demonstrate 2 years of consistent work history. Each adult must complete a minimum of 300 hours of sweat equity. The program requires a $2,000 down payment. Applications are accepted periodically. Contact Habitat for Humanity of Horry County at 843-650-8815 or contact@habitatmb.org at 165 Co-Op Road, Myrtle Beach, South Carolina 29588.
Program details, funding availability, and eligibility requirements change frequently. Always verify directly with the program administrator. This site is for educational purposes only. Not financial advice.