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State Housing Announces Over $82 Million Available for Home Mortgages - 10/15/2007

[Columbia, SC] In response to a tumultuous housing market and in an effort to preserve the American Dream of Homeownership, the South Carolina State Housing Finance and Development Authority’s Board of Commissioners announces the availability of $82.3 million for qualified South Carolina homebuyers. These funds, available through the Authority’s Homeownership Program, are offered at fixed, below market interest rates.

In addition, this loan issue offers a one-time waiver of the Authority’s first-time homebuyer requirement for discharged veterans in our non-targeted counties (Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg and York counties). Under this waiver the veteran must not own a home at time of closing their Authority loan. Veterans discharged from military, naval or air service with any type of discharge, other than dishonorable, may qualify.

The Authority’s Homeownership loans offer qualified borrowers three tiered rates based on income, size of family and the county in which the house is located.  These loans are available through a statewide network of participating lenders, credit unions and brokers. Loan terms can be up to 30 years and the interest rate will be good for the life of the loan.
Saving enough money for down payment and/or closing costs is one of the biggest hurdles that potential homebuyers face. To reduce these out-of-pocket expenses the Authority offers Down Payment Assistance loans tailored to each of the program tiers. These loans are offered to qualified borrowers and work in conjunction with the Authority’s first mortgage loan program. 
For more information, visit the Authority’s website (www.schousing.com) or call 1-800-432-5007 or (803) 896-9508. Hearing and/or speech-impaired individuals may use the Authority’s TTY line (803) 896-8831.

The Authority is a self-supporting agency of state government operating at no cost to the taxpayers of South Carolina.