Spotlight Page
State Housing Authority Recognizes Fair Housing Month
In observance of April as Fair Housing Month, the South Carolina State Housing Finance and Development Authority endorsed a proclamation observing the 39th Anniversary of the memorable landmark legislation that established a national policy of Fair Housing. The signing of this proclamation commemorates the enactment of Title VIII of the Civil Rights Act of 1968.
This legislation has helped open the doors of opportunity for countless Americans in achieving the American Dream of safe, decent and affordable housing. The theme, “Fair Housing, It’s Not an Option, It’s the Law,” calls attention to giving more Americans an equal opportunity to live wherever they choose and to honor the strides made to ensure equal access to housing free from discrimination of any kind. This month is a time to celebrate the progress of opening the doors of housing opportunities for our citizens made from this legislation as well as recognize the fair housing challenges that lay ahead. The Fair Housing Act, recognized as an indispensable tool in stamping out housing discrimination, also protects those who may become victims of the unscrupulous practices of predatory lenders.
The South Carolina State Housing Finance and Development Authority recognizes the importance of the Fair Housing Act as we strive toward increasing quality affordable housing stock across the state. Fair Housing Month reaffirms our commitment to ensure that our citizens have equal access to affordable housing. It also gives us an opportunity to place special emphasis on increasing homeownership opportunities for the citizens of South Carolina.
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.
State Housing Surpasses $2 Billion Mark in Homeownership Loans
The South Carolina State Housing Finance and Development Authority, the state’s affordable housing entity, has broken the $2 Billion mark for homeownership mortgage loans since the inception of the program in 1979. This milestone translates into providing the financing for more than 36,000 homes for families in South Carolina to experience the American Dream of owning their own home.
The Authority offers 30-year, fixed-rate mortgage loans at below market interest rates to qualified home buyers under the Homeownership program. Loans available under this program include the traditional first-time homebuyer loans, single parent loans, and, loans for persons with disabilities or their caregivers. Eligibility is based on income, family size, sale price, and the county in which the home is located. The Authority also offers down payment and closing cost assistance to eligible borrowers reducing out-of-pocket expenses.
When the Homeownership program was created over 2.5 decades ago, the Authority made approximately 2700 loans in the first year for a total investment of $9.9 million. The average loan amount at that time was $32,651 and the average income was $15,938. The program has significantly evolved over the years to meet the homeownership needs in the state, reaffirming our commitment to providing affordable, quality housing. The average loan amount is approximately $104,621 and the average income is $36,344.48. The Authority works with approximately 185 lending partners across the state to market its mortgage product.
The Authority’s Homeownership program has continued to grow each year. In 2006, the Authority closed a record $192 million in loans helping 1,852 South Carolina families purchase a home. The Authority takes pride in knowing that our work has made the quality of life better for thousands of South Carolinians.
State Housing Authority Recognizes Homeownership Month
In observance of June as Homeownership Month, the Board of Commissioners for the South Carolina State Housing Finance and Development Authority recently endorsed a proclamation pledging support and commitment in increasing affordable homeownership opportunities for the citizens of South Carolina.
Homeownership provides the foundation for vital communities, stable neighborhoods, secure family bases, and healthy childhoods. It is an integral ingredient in economic development and community revitalization throughout the state.
The Authority has provided more than $2 billion to make homeownership possible for over 36,000 low to low-to-moderate income households since 1979. The program has continued to grow each year and in 2006 the Authority helped over 1,800 South Carolinians purchase a home of their own.
In observance of Homeownership Month, the South Carolina State Housing Authority is working together with other housing professionals to promote quality affordable housing and increased homeownership opportunities for our citizens striving to achieve the American Dream.
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.
Seven Farms Apartments - A Showcase
In late 2006, Seven Farms Apartments located on Daniel Island in Charleston County opened its doors. Daniel Island, a master planned residential and commercial area situated between the Cooper and Wando Rivers, blends the charm of historic Charleston with the allure of a small town. Located in the heart of the island’s business and residential community, Seven Farms offers housing to the lowest income levels.
This development, awarded Tax Credits and HOME funds by the South Carolina State Housing Finance and Development Authority, represents a culmination of years of effort in making affordable housing available in the upscale areas. When planning for the project began, many neighbors had concerns about the design, the tenant selection, and the impact it would have on the Daniel Island community. With considerable support from the City of Charleston, business leaders, and the faith-based community, the neighborhood opposition was overcome and turned into support. This is an excellent example of a partnership of organizations working together to make this project become a reality. These organizations include: Humanities Foundation, South Carolina State Housing Finance and Development Authority, U.S. Department of Housing and Urban Development (HUD), City of Charleston, Lowcountry Housing Trust, and others.
Seven Farms Apartments, developed by the Humanities Foundation, diversifies the residential base and allows Daniel Island service workers, whose low income would prohibit them from being able to afford to live on the island the opportunity to reside closer to their work. Seven Farms Apartments is also the first of three planned developments that will help this upscale island meet the requirement of making five percent of its housing stock available to low-income buyers or renters.
Seven Farms Apartments, heralded for its planning design, is the first evidence of affordable housing on Daniel Island. The complex is comprised of 72 one, two and three-bedroom units reserved for families living at or below 50 percent of the median income. The units range in size from 710 to 1,142 square feet and have balconies, patios, or sunrooms. In keeping with the look of this island development, the landscaping includes the integration of existing vegetation and new plantings to blend into the island.
Seven Farms Apartments received the 2006 Housing Achievement Award from the South Carolina State Housing Finance and Development Authority at the Palmetto Affordable Housing Forum in 2007.
Young Mother Realizes Dream of Homeownership
Twenty-five year old Tocorro Harris knew one thing –she wanted to own her own home, not just for herself but for Shadajan, her seven year old daughter. She wanted to put down roots for herself and her daughter but finding her dream home and being able to afford it was another story.
“I didn’t really know where to start,” said Tocorro. “I looked for months at a lot of houses in the area that I thought I could afford. Then I heard about West Hampton Town Homes in Moore, not far from Spartanburg.” She decided to take a look and when she saw the town home on Rexford Road she knew it was perfect! “I knew right away that this is where I wanted to live and bring up my daughter. The neighborhood is good, the house is only six years old, it has the space Shadajan and I need and it is not too far from my job,” she said.
But the fact still remained, could Tocorro afford the home of her dreams? “I was afraid to get my hopes up because I still didn’t know if I could afford it,” she said.
Tocorro was determined to pursue her chances of owning the house of her dreams, so she immediately called Heather Grow, a mortgage banker at Citizens First Mortgage, one of approximately 175 participating lending partners for the South Carolina State Housing Finance and Development Authority’s homeownership program. Heather was no stranger to doing Authority loans. “The majority of my loans are State Housing loans. I find the income guidelines generous enough and it is not a difficult process,” said Heather. “State Housing allows me to provide more for my client in the long run. If a client qualifies, I will always provide the information on purchasing their home through the State Housing homeownership program.”
Heather knew right away that Tocorro was a perfect candidate for an Authority homeownership loan, plus she could take advantage of the down payment assistance that is also offered through the homeownership program. “My lender held my hand during the entire process and I was calling her several times a day. She was so patient! I had never heard of your homeownership programs. Heather was very complimentary of the program such as the down payment assistance that was also offered.
“I can’t say enough good things about the State Housing homeownership program. It has made it possible for me to live my dream of owning my own home. This was heaven sent for myself and my daughter,” said Tocorro. “Thank you, State Housing!"
$20 Million Homeownership Initiative Unveiled for South Carolina Teachers
The South Carolina State Housing Finance and Development Authority and the South Carolina Department of Education announced a joint $20 million initiative that will offer low-interest home loans to South Carolina teachers and also assist with down payment assistance.
The Palmetto Hero Program is an initiative of the South Carolina State Housing Authority in partnership with the South Carolina Department of Education and will offer assistance to eligible teachers hoping to purchase their first homes. The Authority will make $20 million in fixed rate mortgage loans for South Carolina teachers. The goal for this special program and partnership is to not only open the door to homeownership for many of our educators, but assist in attracting and maintaining additional educational talent to our state.
The program is available to teachers who have valid South Carolina teacher certifications, currently reside and teach in the state or have a contract to begin teaching here within 60 days of closing on a home. Eligible teachers can get a 5.875 percent initial interest rate through the First Time Homebuyer Program. In addition, teachers who qualify based on income can take advantage of one of two down payment assistance loans.
Mortgage loan terms can be up to 30 years and are available to qualified buyers through any of the Authority’s more than 200 participating lenders or brokers statewide. Maximum income limits, based on median income per county, range from a low of $16,300 to a high of $73,800. Maximum purchase price limits for new construction as well as existing homes range from $180,144 to $284,050, also depending on county. The current rate is subject to change due to market conditions. These loans cannot be used for refinancing.
For more information on this limited offer, contact South Carolina State Housing at 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 State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to taxpayers.
Innovative Homeownership Program Offers a Hand Up for Many Families
When Trixie Eden went on the South Carolina State Housing Authority’s Section 8 Housing Choice Voucher program in 2002, she knew that she really wanted to own her own home especially for her two children.
The housing program coordinator assigned to Trixie and her family realized right away that she was a hard worker. She showed responsibility, a determination to succeed, and a desire to improve her situation - the ingredients needed in becoming a candidate for the Homeownership Voucher program.
In six short years and after much hard work and determination, Trixie was placed on the Homeownership Voucher program. Things were definitely turning around for Trixie; her goal to become independent and become a homeowner was just about within her reach. In June, her dream finally became a reality when she and her children moved into their very own home.
This federally funded program allows qualified families currently using the Section 8 Housing Choice Voucher program to purchase a home rather than rent. This innovative program, allows qualified families to use their rental assistance voucher to subsidize a portion of the mortgage, the same way they use their voucher to subsidize a portion of their rent. This volunteer program is designed to help individuals and families attain economic independence in preparation for their journey to homeownership.
It is targeted to first time homebuyers and provides homeownerhip assistance for 15 years if the term of the loan exceeds 20 years. In all other cases, the family will receive assistance for 10 years. The program is open to families who agree to purchase a single family home, town house or condominium in one of the seven counties where the Authority administers the program: Clarendon, Colleton, Dorchester, Fairfield, Kershaw, Lee, or Lexington.
This is a wonderful opportunity for eligible families utilizing the Voucher program, offering a long-term solution to their housing needs and providing substantial financial benefits. The program is another way in which the Authority is striving to increase affordable housing options for low and moderate-income families in South Carolina.
Public Notice Regarding Neighborhood Stabilization Program Amendment to State Consolidated Plan for Housing and Community Development
Notice is hereby given that on December 1, 2008, the State of South Carolina proposes to submit a substantial amendment to its Consolidated Plan for Housing and Community Development 2008 Annual Action Plan to the US Department of Housing and Urban Development (HUD). The 2008 Annual Action Plan meets HUD's statutory requirements for South Carolina to receive funding allocations from four HUD programs: 1) Community Development Block Grant Program administered by the SC Department of Commerce, Grants Administration; 2) HOME Investment Partnerships Program administered by the SC State Housing Finance and Development Authority; 3) Emergency Shelter Grants administered by the Governor's Office, Office of Economic Opportunity; and 4) Housing Opportunities for Persons with AIDS administered by the SC Department of Health and Environmental Control, STD/HIV Division.
The substantial amendment to the 2008 Action Plan is required to facilitate receipt of the Neighborhood Stabilization Program (NSP) funds the State will receive under Section 2301(c)(2) of the Housing and Economic Recovery Act of 2008 (HERA), which calls for funds received by the State to be used for emergency assistance with redeveloping abandoned and foreclosed homes.
Public review and comment are encouraged during the 15-day comment period that begins November 7, 2008. Copies of the proposed NSP Amendment to the 2008 Action Plan will be available for public review during normal business hours at the Department of Commerce and the South Carolina State Housing Finance and Development Authority.
For more information or to request a copy of the Amendment, please contact Nancy Fairley, email nancy.fairley@schousing.com, or call (803) 896-9001/TTY (803) 896-8831.
The State of South Carolina does not discriminate on the basis of age, race, color, religion, sex, national origin, familial status or disability in the admission or access to, or treatment or employment in, its federally assisted programs or activities.
Helping Others During the Holidays and All Year Long, State Housing Authority Employees Spread Cheer to the Children of Epworth
Ninety-nine children age six through seventeen at Epworth Children’s Home in Columbia, SC will have at least one thing they wished for on Christmas morning, thanks to the generous efforts of the South Carolina State Housing Finance and Development Authority employees.
Each year as part of their holiday preparations, employees at the Authority decorate a tree and look for ways to help others. This year, along with the ribbons, lights and ornaments were an assortment of tags giving the age of a boy or girl and an item they would like to have. All 99 had been fulfilled by the end of Friday, December 12.
Employees also donated items for a silent auction that concluded on Friday, December 12. Bidders contributed more than $250 that also went to assist the children of Epworth.
“This has been a regular part of our holiday season for many years.” said Director Valarie Williams. “Even during these times of uncertainty and difficulty, everyone here pitched in to make the holidays brighter for the children. It has been good for the giver and the recipient.”
Helping others is all part of the job for employees at the Authority, who so far this year have assisted 1500 first time homebuyers to purchase their own home through the Homeownership program. In addition, they have assisted 20,100 people with rental assistance and distributed more than $8.8 million in funds for emergency home repair, owner-occupied rehabilitation programs and supportive housing activities through the Housing Trust Fund.
The State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to taxpayers.
2009 Palmetto Affordable Housing Forum
The 14th Annual Palmetto Affordable Housing Forum, with over 400 people in attendance, was a huge success! The South Carolina State Housing Finance and Development Authority, Affordable Housing Coalition of South Carolina, US Department of Housing and Urban Development, South Carolina Department of Consumer Affairs, and USDA – South Carolina Office of Rural Development partnered to host the event which took place January 28th – 29th at the Columbia Metropolitan Convention Center in the heart of Columbia’s historic Congaree Vista. Making up the attendee list were state and local government officials, community leaders, developers, investors, lenders, management companies, non-profits and those who were interested in hearing what’s new in state and national housing programs, details on affordable housing issues and in discovering new ways to approach affordable housing. The Forum was also the perfect opportunity to network with a range of industry professionals, share ideas and build new relationships that could potentially expand housing choices for South Carolinians with modest incomes.
Featured speakers included Brandolyn Pinkston, Executive Director of the South Carolina Department of Consumer Affairs; Laura Hamilton, CPS, President of Hamilton Seminars, who gave a motivational presentation; and Judi Gatson, co-anchor for the weekday news on WIS-TV, as Mistress of Ceremonies during the Palmetto Affordable Housing Awards Luncheon.
Thirty break-out sessions were offered for attendees to choose from during the two-day event, featuring information and training on a variety of topics including HUD Affordable Housing Programs, USDA – Rural Development Single and Multi-family Programs, the Mortgage Crisis in South Carolina, Basic Principles of Fair Housing, Energy Efficient Homes, Homeownership Opportunities through the South Carolina State Housing Finance and Development Authority, Housing and Homelessness, a workshop focusing on SCHousingSearch.com and updates on the Low Income Housing Tax Credit Program, Housing Trust Fund and Section 8 Housing Choice Voucher Program. A three-part special session called “Gateway to Homeownership” was also offered for the first time this year where participants could receive continuing education credits for attending the entire series. Click here to access presentations from breakout sessions
Winners of the South Carolina State Housing Finance and Development Authority’s annual South Carolina Housing Achievement Awards and its heart-warming “What My Home Means to Me” Coloring and Essay Contest for children were announced at an awards luncheon, as well as, the Lender and Broker of the Year Awards. Click here to view photos from the Forum
Whether a seasoned professional or a newcomer to the housing industry, there was something for everyone offered at the 2009 Palmetto Affordable Housing Forum.
Save the Date! Mark your calendars now to attend the 2010 Palmetto Affordable Housing Forum to be held February 17th – 18th, 2010, at the Columbia Metropolitan Convention Center.
Awards will Purchase, Improve Foreclosed Property in Distressed SC Neighborhoods
Communities across the state blighted by abandoned and foreclosed property will soon see improvement through a $44 million dollar infusion from the U.S. Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP).
Administered in South Carolina by the South Carolina State Housing Finance and Development Authority, funds are targeted to areas of the state demonstrating the highest need. In accordance with HUD standards, funds were available to the 20 counties in the state with the highest foreclosure rates and targeted areas with high levels of subprime mortgages, mortgage defaults and delinquencies. Funds will be used to purchase foreclosed homes at a discount and rehabilitate, redevelop or demolish them.
Communities and organizations receiving awards are:
- Catawba Regional Council of Government - $ 4,283,000
(Lancaster and York Counties) - Community Assistance Provider - $ 1,500,000
(Lexington County) - Santee-Lynches Affordable Housing CDC - $ 1,293,612
(Orangeburg County)LI>City of Columbia - $ 3,900,000
(Richland County) - TN Development Corporation - $ 1,038,350
(Richland County) - City of Anderson - $ 2,173,087
(Anderson County) - City of Greenville - $ 5,000,000
(Greenville County) - Pickens County Habitat for Humanity - $ 225,000
(Pickens County) LI>Companion Associates - $ 700,000
(Pickens County) - City of Spartanburg - $ 2,000,000
(Spartanburg County) - SC Assoc. of Community Development Corporations - $ 1,000,000
(Greenwood and Laurens Counties) - Beaufort Housing Authority - $ 2,943,000
(Beaufort County) - Low Country Housing Trust - $ 7,409,679
(Charleston, Berkeley and Dorchester Counties) - Housing Authority of Myrtle Beach - $ 2,500,000
(Horry County) - Sumter Housing Authority - $ 1,700,000
(Sumter County) - City of Florence - $ 1,000,000
(Florence County) - Community Development & Improvement Corporation - $ 1,000,000
(Aiken and Darlington Counties)
Greenville County and Richland County received separate, direct allocations of $2.26 million and $2.22 million respectively.
Funding is provided through HUD's Community Development Block Grant Program under the Housing and Economic Recovery Act of 2008. A total of $3.92 billion will be distributed to state and local governments.
The recently passed American Recovery and Reinvestment Act contains an additional allocation of $2 billion to the NSP. Distribution of these funds has not yet been determined.
For more information about HUD's NSP funding allocation and guidelines, visit http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/.
Celebrating June as National Homeownership Month
June is National Homeownership Month. If you are thinking about buying a home our new lower interest rates, down payment assistance and stimulus money also mean June may be the best time to make that dream a reality.
As part of our continued commitment to helping South Carolinians realize the dream of owning a home, we are pleased to announce our new lower interest rates on mortgage loans of 5.875 in Categories I and II and 5.750 in Category III. We also offer $5,000 down payment assistance in each of our three categories. Plus, you may also qualify for an $8000 federal tax refund from the American Recovery and Reinvestment Act of 2009. Now is the time to take advantage of these new lower rates and down payment assistance! Getting started is easy…just contact one of our Participating Lending Partners listed at www.schousing.com/First_Time_Homebuyers/Participating_Lending_Partners to apply for a State Housing mortgage loan. They will analyze your monthly income, credit history and other variable to determine a mortgage you can afford.
Homeownership provides the foundation for vital communities, stable neighborhoods, secure family bases, and healthy childhoods. It is an integral ingredient in economic development and community revitalization throughout the state. The SC State Housing Finance and Development Authority (the Authority) is committed to increasing affordable homeownership opportunities for the citizens of South Carolina.
Since 1979, the Authority has made loans exceeding $2.3 billion to make homeownership possible for over 38,000 families.
Low interest rates
+$5000 down payment assistance
+$8000 tax credit=
A great time to buy a home!
If you have been thinking of buying your first home, July may be the month to make that dream a reality. The availability of homes for sale throughout South Carolina is high. Builders have more homes to sell, foreclosures have increased inventory and new homes enter the market every day. Many sellers are willing to make deals like never before. Likewise interest rates are low and stable. The South Carolina State Housing Finance and Development Authority is here to help you buy that home you’ve wanted for so long. Our interest rates are competitive. Better yet, they are fixed at the low rate for the life of your loan.
If you think you can’t put together enough money to make the down payment, think again. In addition to our low interest rate we can also give you $5,000 toward your down payment and closing costs.
Don’t wait. If you buy your home between now and December 1, the federal stimulus package will sweeten the deal by giving a tax refund up to $8,000 over and above the down payment assistance. Home buyers can get a refundable $8,000 tax credit on next year's return. If you don't want to wait, amend your 2008 return to get your money before January by filing IRS Form 1040-X.
And don’t let a low credit score keep you from considering homeownership. SCSHFDA can often qualify borrowers with a credit score at or above 620.
The SCSHFDA has a number of tools to help you make your decision. Current interest rates, a mortgage calculator and a list of lending partners who can help you decide the loan that is right for you can all be found at our website under the First Time Homebuyers button.
The Loss Mitigation Relief Options include the following:
Special Forbearance
SCSHFDA may be able to arrange a repayment plan based on your financial situation. You must also furnish information to us to show that you would be able to meet the requirements of the new payment plan. This will include employment verification, authority to conduct a credit report, a financial report and income verification. Details may be found at the website listed below or by calling SCSHFDA at 800-432-5007.
Partial Claim
SCSHFDA may be able to work with you to obtain a one-time payment from the FHA Insurance fund to bring your mortgage current.
You may qualify if:
• Your loan is at least 4 months delinquent but no more than 12 months delinquent.
• You are able to begin making full mortgage payments. When SCSHFDA files a Partial Claim, the U.S. Department of Housing and Development (HUD) will pay SCSHFDA the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.
Pre-foreclosure sale (short-sale)
This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
You may qualify if:
• The loan is at least 2 months delinquent.
• You are able to sell your house within 3 to 5 months.
• A new appraisal (that SCSHFDA will obtain) shows that the value of your home meets HUD program guidelines.
Deed-in-lieu of foreclosure
As a last resort, you may be able to voluntarily “give back” your property to SCSHFDA. This will not save your house, but it is not as damaging to your credit rating as a foreclosure.
You may qualify if:
• You are in default and do not qualify for any of the other options.
• Your attempts at selling the house before foreclosure were unsuccessful.
• You do not have another FHA mortgage in default.
Loan Modification
Loan modification is not an option with our mortgages. The reason for this lies in the fundamental differences in the way the Authority operates versus a residential lender.
The money used to fund our loans comes from the sale of bonds sold to investors.The money generated by the sales of these bonds is then used to make loans to first-time home buyers at low, competitive interest rates.
The interest rate we charge is the lowest rate we can responsibly charge while maintaining our credit rating, meeting the obligation to our investors and maintaining our day-to-day operating expenses so that we can continue making low cost mortgage loans well in the future.
Unlike some residential lenders, the Authority has never used sub-prime, adjustable rate or other “exotic” mortgages. Our mortgages are always made at low, competitive interest rates that are fixed for the life of the loan. In addition we are able to offer down payment assistance (currently $5000) to help with the expenses associated with the actual home purchase.
Lowering the interest rate, reducing principal or refinancing would quickly jeopardize our ability to provide affordable mortgages to the people of South Carolina.
Debt Restructuring Services
We have had inquiries about companies and organizations that offer to negotiate mortgage refinancing on behalf of borrowers. Many homeowners want to know if these groups can really cut their interest rate and reduce the principal of their loan. We do not have any first hand knowledge of these groups, their successes or how they operate. For the reasons stated above, no group or company is able to negotiate a restructuring of a South Carolina State Housing Finance and Development Authority loan on your behalf.
Your mortgage with us is different from a mortgage with a bank. Your mortgage was made with the lowest possible rate available, fixed for 30 years. We have no ability to lower the rate, reduce the principal or refinance.
If you choose to seek help from a third party negotiator, before you turn over any records or sign anything, ask the following:
• How do you insure that my information is kept confidential?
• Will the negotiation you do on my behalf be reported to any rating agencies or potentially affect my credit rating adversely?
• What exactly are my fees and responsibilities if you negotiate on my behalf?
Also, keep in contact with SCSHFDA. Do not assume a company is negotiating on your behalf.
Remember, the South Carolina State Housing Finance and Development Authority will work with you at no cost. You should never pay a fee for a company to negotiate a work out plan.
We want to help you keep your home
The most important rule and your best chance to see a positive outcome during a period of financial difficulty is to contact us as soon as possible. Please call us at (803) 896-9521 or toll free at (800) 476-0412. We want to work with you to explore all options and alternatives to foreclosure. Never assume that your situation is hopeless and disregard the letters and calls from the Authority.
Additional resources are available on our website at http://www.schousing.com/Homeowners/Homeownership_Retention
Other Resources
If you or someone you know is having trouble with a mortgage from a lender other than the SCSHFDA, help is available through The Homeownership Resource Center a division of Family Services, Inc. Call 1-888-320-0350 or visit www.ForeclosureHelpforSC.org
Don’t disqualify yourself for a South Carolina State Housing Finance and Development Authority loan just because you already own a home. The rules and definitions are different for different counties. Under certain conditions you may be a “first-time home buyer” even if you have recently owned a home.
SC State Housing has two categories of counties—“Targeted” and “Non-Targeted.”
In 34 targeted counties a first-time home buyer is a borrower who does not own a home at the time of closing their new loan with SC State Housing. This means you will be viewed as a first time home buyer just as long as you do not have title to another home when you close on your new loan. As an example: A borrower could close the sale of the home they currently own at 11 a.m. and close on their new SC State Housing loan at 11:30 a.m. the same day.
Also, if you move from a non- targeted county to one of our targeted counties, or from another state into a targeted county, you will be considered a first-time home buyer so long as you do not have title to another home at the time of closing.
Even in targeted counties, you will be considered a first-time home buyer if you have not owned a home in the last three years. In all counties, single parent households and households with disabled family members qualify for the benefits of first-time home buyer status.
SC State Housing is here to make loans that people can live with—affordable over the long term. All of our loans are fixed-rate, most are 30 year loans and come with down payment assistance.
If you are a first-time home buyer according to our definition, the next step is to check for income qualifications and house price limits. The Authority has three options for income, house prices and down payment assistance. Click the First Time Home Buyers button to get more information.
Our targeted counties are:
Abbeville ~ Allendale ~ Bamberg ~ Barnwell ~ Beaufort ~ Berkley ~ Calhoun ~ 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 (Charleston County)
If a home purchase is in your plans for the new year, the South Carolina State Housing Finance and Development Authority's (SC State Housing) new low interest rates and down payment assistance may be just the break you have been waiting for.
As of Monday, January 4, 2010, SC State Housing set its rates at 5.25% in Categories I and II, which include borrowers earning 50.01% and above of median income, and 5% for those in Category III, covering borrowers earning 50% and below of the median income as well as disabled borrowers (rate sheet attached). All categories offer up to $5000 down payment assistance. Down payment assistance is repayable for borrowers in Category I and forgivable in Categories II and III.
First-time home buyers may also take advantage of up to $8000 in federal tax credits if they purchase a home before April 30, 2010, with a 60-day extension if a binding contract is in place prior to that deadline. Members of the Armed Forces, Military Intelligence and Foreign Service who are on extended overseas duty or who have been on active duty for more than 90 days in 2008 and 2009 have another year to use the tax credit (through June, 30, 2011).
SC State Housing recognizes both "targeted" and "non-targeted" counties. In the non-targeted counties (Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, York) a first time homebuyer is someone who has never owned a home or who has not owned a home in the last three years. In 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) a first-time home buyer may not own a home at the time of closing. 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.
"This is great news for potential home buyers and sellers in South Carolina," said Valarie M. Williams, SC State Housing's Executive Director. "Selection is good and prices are right for first-time buyers. With our new lower rates and down payment assistance, many more South Carolinians will be able to purchase their own home in 2010."
Williams encourages anyone who is considering buying a home to ask their lender or real estate agent if they qualify for a loan under the SC State Housing program. Since the Mortgage Revenue Bond (MRB) Program's inception, SC State Housing has made more than 37,000 first mortgages, for a total investment of well over $2.2 billion. Nearly 13,000 Down Payment Assistance Loans have been made, accounting for more than $29 million.
Moody's Investors Service, a major municipal bond rating agency, recently gave its highest rating of Triple A (Aaa) to SC State Housing's MRB Program.
For more information and detail on qualifications visit the SC State Housing website: www.schousing.com. The South Carolina State Housing Finance and Development Authority is a self-supporting agency of State Government, operating at no cost to the taxpayers of South Carolina.
“Being able to afford a home is a growing concern for everyone in our state,” said Valarie Williams, SC State Housing’s Executive Director. “But it can be especially tough for some of our workers who have the jobs that are critical to our safety and our children’s futures.” She said the Palmetto Heroes program might even strengthen recruitment and retention in these career choices, vital to our state’s overall wellbeing.
“It’s important that we salute these Palmetto State heroes and invest in them,” said T. Scott Smith of Sullivan’s Island, principle and president of WRS Real Estate Investments, and SC State Housing’s Chairman of the Board. “This is just one way SC State Housing can recognize these dedicated individuals who contribute so much to our state.”
Palmetto Heroes is available to teachers, law enforcement officers, firefighters and EMS personnel 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 5.125% interest rate through SC State Housing’s First-time Home Buyer Program as well as the down payment assistance loan of up to $7,000 which could even be forgivable over time, depending on the borrower’s income.
The program may include a grant from South Carolina Realtors®, to help each of the first 300 participants with incidentals associated with purchasing a home. “Too often, these professionals cannot afford to live in the hometowns they serve – this program will bring our Palmetto Heroes back home. South Carolina’s Realtors® are honored to help those who serve and protect our communities realize the American Dream of Homeownership,” said Nick Kremydas, CEO of SC Realtors®.
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. The Palmetto Heroes Program may not be used for refinancing.
SC State Housing offered a similar initiative two years ago, with a $20 million investment for teachers. It was wildly successful and loan reservations were completed within six weeks, so demand is expected to be high. For more information, contact a Realtor® or SC State Housing at 1-800-432-5007 or visit the agency’s website: www.schousing.com.
SC State Housing is a self-supporting agency of state government and does not receive a state appropriation.
Equal Housing Opportunity