Press Releases
State Housing Authority Brings Back Single Parent Program - 3/29/2004
[Columbia, SC] While announcing the introduction of a new Homeownership program today at Capital City Ballpark in Columbia, State Housing officials also stepped up to the plate with the reintroduction of the Single Parent program at an all time low of 4.25 and 4.50 percent fixed interest rates.
These loans are available to qualified parents who have custody of a child under the age of 18 in their care and custodial parents or guardians of at least one dependent who is permanently disabled or handicapped as determined by SSDI/SSI. To better reach these parents, the State Housing Authority is offering a 4.50 percent fixed interest rate to families having a total household income level of over 50 percent but less than 80 percent of the county median income and an interest rate 4.25 percent for those households at 50 percent or less of the county median income.
“We are proud to be able to re-introduce this much needed program to the single parents of our state. Offering this program at these very low interest rates will open the door for many single parents who have been unable to move from renting to homeownership,” said Authority Chairman Charles I. Small. “Whenever you can put a family in a home of their own that adds stability and gives them a sense of pride in their community.”
Income qualifications and home purchase price limits vary by county and household size. The maximum household income for the 4.25 percent mortgage loan ranges from a low of $16,150 to a high of $37,550 and the income range for the 4.50 loan is $25,250 to $65,650. Maximum home purchase price limits for these loans range from $144,336 to $158,655 depending on the county. Potential homebuyers must not own a home at the time of purchase. Loan terms can be for 15, 20, 25, or 30 years and the interest rate will be good for the life of the loan These loans are available through any of the Authority’s more than 75 participating lenders or brokers statewide. (See websiite for Program fact sheets and lender list)
As an additional tool in assisting potential homebuyers, the State Housing Authority is also offering a down payment assistance loan for $2000 and $7000 depending on family income and the year the house was built. These loans are forgivable over a five-year period as long as the family remains in the house. All down payment assistance loans must be made in conjunction with State Housing mortgages.
Persons interested in the State Housing mortgage loan program should call the agency’s Loan Purchase department, (803) 734-2069, or visit the website: www.sha.state.sc.us, for a list of participating lenders and brokers. Hearing and/or speech-impaired individuals may use the Authority’s TTY line (803) 734-2369.
The South Carolina State Housing Finance and Development Authority is an agency of state government operating at no expense to the taxpayers of South Carolina.
Equal Housing Opportunity