Press Releases
State Housing Offers 6.25 Percent Interest Rate on All Homebuyer Programs - 7/27/1998
[Columbia, SC] More than 35 mortgage lenders across the state have been told to lower the interest rate on all State Housing programs, according to Gene Spivey, chairman of the South Carolina State Housing Finance and Development Authority.
Effective immediately, all homeowner programs will feature a low interest rate of 6.25 percent. "This is not only good for first-time homebuyers," Spivey said, "it's good customer service for our participating lenders to be able to have consistency in our homebuying programs."
State Housing mortgages are originated by local lenders according to income and purchase price limits set by the Authority's Board of Commissioners. The maximum annual income for a one-person household, for instance, can be no more than $31,000. Households with more than one person may add $1,000 for each additional household member, to a maximum of $45,000. The home purchase price limit for all State Housing programs is $76,000.
Mortgages may be for new or existing homes, including manufactured homes on permanent foundations. Loan terms may be for 15, 20, 25, or 30 years and must be insured by FHA or one of several private mortgage insurers, as specified in the program guidelines. (See website for guidelines)
Potential homebuyers should contact a participating lender or call the State Housing Authority, (803)734-2069, for a list of lenders. Hearing and/or speech impaired persons may use the Authority's TTY line (803)734-2369.
The South Carolina State Housing Finance and Development Authority is an independent agency of state government operating at no cost to the taxpayers of South Carolina.
Equal Housing Opportunity