Special Homebuyer Program Makes $7.7M Available for Loans and Down Payment Assistance
Columbia, S.C. – March 27, 2013 – (RealEstateRama) — Today, the South Carolina State Housing Finance and Development Authority (SC Housing) announced it is once again making funds available to help South Carolina’s heroes – law enforcement officers, correctional officers, teachers, firefighters, nurses, veterans and EMS personnel – that want to become homeowners. The 2013 Palmetto Heroes Program, a $7.7 million initiative, offers qualified homebuyers a low interest rate of 3% and $5,000 in down payment assistance – some buyers may even qualify for up to $8,000 in down payment assistance on newly constructed homes.
Purchasing your first home can be challenging for anyone – especially those in a noble profession making only a modest salary. Palmetto Heroes is one way SC Housing salutes members of these professions by offering low interest loans to those who qualify. A huge benefit of the program – the down payment assistance – could even be forgivable over time in some cases, depending on the borrower’s income!
“This program is our way of honoring these dedicated individuals who contribute so much to our state,” said Valarie Williams, Executive Director of SC Housing. “It’s important that we invest as much in them as they do into our state each and every day. We hope this program might even strengthen recruitment and retention in these careers, which are crucial to our state’s overall wellbeing.”
To date, the Palmetto Heroes Program has made over 600 mortgage loans totaling over $72 million. The average loan amount is $116,480, and the average household income is approximately $43,000.
Those who do not qualify for the Palmetto Heroes Program may still qualify for one of the other homeownership programs offered by SC Housing, which are available year round to a broad range of South Carolinians seeking to become homeowners.
More about Palmetto Heroes
Palmetto Heroes is available to law enforcement officers, correctional officers, teachers, firefighters, veterans, nurses and EMS personnel who are currently certified in their profession, and reside and work in South Carolina. Mortgage loans can be up to 30 years and are available through any of SC Housing’s network of more than 100 participating private sector lenders and brokers statewide. Maximum income limits are based on the median income per county and household composition. The Palmetto Heroes Program may not be used for refinancing.
For more information, contact one of the real estate professionals, banks or mortgage brokers certified in SC Housing programs. Visit www.SCHousing.com for a complete list.
About SC Housing
For over forty years, SC 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 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.