Palmetto Heroes Program 2
The South Carolina State Housing Finance and Development Authority (SC State Housing) relaunched its program to help South Carolina teachers, firefighters, law enforcement officers and EMS personnel who want to become homeowners. SC State Housing officials were so pleased with the response to the $40 million program announced back in March, 2010, they decided to add additional funds to the pot and reduce the interest rate.
Palmetto Heroes 2 is available to teachers and firefighters and their administrative personnel, as well as law enforcement officers – to include dispatchers and Corrections officers, and EMS and Nurses who are currently certified in their profession, and reside and work in South Carolina or have a contract to begin working here within 60 days of closing on a home.
Eligible Palmetto Heroes home buyers can get a 4.5 % interest rate through SC State Housing’s First-time Home Buyer Program as well as the down payment assistance loan of up to $7,500 which could even be forgivable over time, depending on the borrower’s income.
The program includes a grant from South Carolina Realtors®, to bolster the funds available for down payment assistance.
Mortgage loans can be up to 30 years and are available through any of SC State Housing’s network of more than 200 participating private sector lenders and brokers statewide. Maximum income limits are based on the median income per county and household composition. Palmetto Heroes-2, like its predecessor, may not be used for refinancing.
SC State Housing officials hope the term “first-time” will not discourage potential home buyers because the definition is very broad. For example, in 34 targeted counties (Abbeville, Allendale, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Charleston*, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Hampton, Horry, Jasper, Kershaw, Laurens, Lee, McCormick, Marion, Marlboro, Newberry, Orangeburg, Saluda, Sumter, Union, Williamsburg *County Census Division #53, Ravenel Division) the provision is waived altogether as long as you do not have title to another home when you close on your new loan. Even in non-targeted counties (Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, York) a first-time home buyer is someone who has not owned a home in the last three years. Also, buyers moving from a non-targeted area into a targeted area may qualify so long as they do not own a home at time of closing and meet the other qualifications for home price and family income.
SC State Housing is a self-supporting agency of state government and does not receive a state appropriation.
http://www.schousing.com/First-Time_Home_Buyers/Participating_Lending_Partner
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Click here for full details (on the Palmetto Heroes Program)
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Equal Housing Opportunity