Columbia, S.C. – February 5, 2013 – (RealEstateRama) — New for 2013, the South Carolina State Housing Finance and Development Authority (SC State Housing) has launched the Housing “KickStart” Initiative, which increases the amount of down payment assistance two of its homeownership programs will offer. This could be just the break new homebuyers have been waiting for.
In an effort to help “kick start” home sales in South Carolina as the new year begins, SC State Housing is offering a major new incentive, effective January 4, 2013, to make homeownership possible for those hoping 2013 will be the year they make a move to a home of their own.
The 2013 Housing “KickStart” Initiative increases the amount of down payment assistance from $4,000 to $5,000 for SC State Housing’s Homebuyer Program, and from $6,000 to $8,000 for its New Construction Initiative. This down payment assistance is still offered in addition to low, fixed interest rates of 3.5% and may be used with down payment assistance funding from other sources. All borrowers must meet all SC State Housing’s homebuyer, income, home prices and credit requirements.
“Most homebuyers who qualify for our programs have no problem making their mortgage payments,” said SC State Housing Executive Director Valarie M. Williams. “More often the hurdle is saving enough money for the down payment and expenses that come with closing on a home. This new initiative may be all that they need to “kick start” their move into homeownership.”
With many economists seeing some recovery in the housing market in late 2012 and predicating housing to be a major factor for greater economic recovery in 2013, SC State Housing hopes the additional down payment will further spur homebuyers to realize that now is a great time to buy a home.
Homebuyers wishing to take advantage of this additional source of down payment assistance should act quickly, cautions Williams, since this program may be limited in duration. “Right now, home prices are reasonable, inventory is high and money is available from SC State Housing,” Williams said. “But no one can predict how long this perfect combination will last.”
Potential homebuyers should contact their lender or real estate agent to find out if they qualify for a loan under the SC State Housing Homebuyer Program.
Since the Homebuyer Program’s inception, SC State Housing has made more than 39,000 first mortgages, for a total investment of well over $2.4 billion and nearly 14,500 down payment assistance loans, accounting for more than $37.4 million.
About SC State Housing
For over forty years, SC State Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency’s vision is that all residents have the opportunity to live in safe, decent and affordable housing. The agency administers a number of Federal and State programs directed at low and low-to-moderate income South Carolinians. SC State Housing is self-sustaining and receives no state appropriations. For more information, visit www.SCHousing.com.
If you would like additional information or have questions regarding this topic, please contact Clayton Ingram at 803.896.9520 or Clayton.Ingram (at) SCHousing (dot) com.