Press Releases
State Housing Authority Offers Homeownership Program for Disabled and Caregivers - 5/13/2005
[Columbia, SC] The issue of affordable housing involves not only people with disabilities but also the families trying to make a home for these individuals. The State Housing Authority recognizes that homeownership can provide a sense of control and belonging often unavailable to disabled persons. To make this homeownership dream possible, the Authority has tailored a program to assist these individuals and families.
To qualify for this program the homebuyer must be permanently disabled or be a custodial parent or legal guardian of at least one dependent who is permanently disabled as determined by SSDI/SSI. Under the Individuals or Families with Disabilities Program, the first time homebuyer requirement has been waived and all qualified applicants will receive the current Option III fixed interest rates. (See Website for Information)
Income qualifications and home purchase price limits vary by county and household size. Loans terms can be for 15, 20, 25, or 30 years and the fixed interest rate will be good for the life of the loan. These loans are available through any of the Authority’s more than 125 participating lenders or brokers statewide.
As an additional tool in assisting qualified homebuyers, the State Housing Authority offers two down payment assistance (DPA) loans. The first is a $4,000 loan consisting of $2,000 in a forgivable loan and $2,000 in a repayable loan. Borrowers will only be responsible for repayment of $2,000. A $2,000 repayable Down Payment Assistance loan is also available. Repayment of these loans will be deferred for three years. The interest rate is 4 percent but no interest accrues until repayment begins.
“Homeownership provides people with disabilities an opportunity to make housing choices that reflect a person’s needs and preferences,” said State Housing Chairman Charles I. Small. “This program is another tool to help a very important segment of our population realize the dream of owning their own home.”
Persons interested in this State Housing mortgage loan program should call the Agency’s Loan Purchase department, (803) 896-9396, or visit the website: www.schousing.com, for a list of participating lenders and brokers. Hearing and/or speech impaired individuals may use the Authority’s TTY line (803) 896-8831.
The South Carolina State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to the taxpayers of South Carolina.
Equal Housing Opportunity