South State Bank outlines 100% financing option for first‑time buyers at Bluffton committee meeting

Representatives from South State Bank presented the bank's Buyer's Advantage Portfolio Loan to the Supportive Housing Committee on Feb. 5, describing it as a CRA product for first‑time homebuyers that can offer up to 100% financing and omit private mortgage insurance for qualifying borrowers.

Meredith Watson, identified in the meeting as a South State Bank presenter, described the product and eligibility rules. She told committee members, “We can lend up to 100% financing, so that means no down payment, with no private mortgage insurance.” She and a bank colleague explained that the program uses "application income" rather than household income for qualification and outlined three qualifying tests: the property is in a lower‑moderate income census tract; the tract minority percentage is above 50%; or the borrower's application income is 80% or less of the area median income.

Using Bluffton figures presented by the bank, presenters said the 2025 area median income was $111,000, meaning an 80% threshold of $88,800; "anybody making a 88,800 or less would qualify for this program," a presenter stated while discussing examples. The bank noted a minimum credit score guideline of roughly 640 and generally requires one month of reserves. Representatives also walked through sample debt‑to‑income calculations and said the product’s debt‑to‑income guideline was about 45 percent in their example.

Committee members asked whether the product stacks with local assistance; bank presenters said it can be combined with some local programs but not with SC Housing products in certain instances. They also said the bank will consider different property types and that manufactured homes may be eligible under program guidelines, subject to underwriting.

Why it matters: Town staff and local housing partners said the product could help residents move from renting to ownership, particularly those who can meet the credit and debt‑to‑income requirements but lack a down payment. Bank presenters encouraged local outreach and training to help applicants prepare documentation and address debts that might otherwise block approval.

Next steps: Bank representatives offered to share materials and participate in local workshops; staff said the bank's PowerPoint would be distributed to the committee and to workshop attendees.

Note on record inconsistencies: The meeting transcript identifies a bank presenter both as "Sarah Broman" and later as "Sarah Roman"; the article attributes specific quotes to Meredith Watson where the record unambiguously indicates her involvement and otherwise references "bank representatives" or the bank by name when a single speaker attribution was unclear.