2020 Palmetto Heroes Program Details

SC Housing is pleased to introduce SC Housing’s 2020 Palmetto Heroes Program. The program honors and includes educators, first responders and community service personnel in the fields of law enforcement, corrections, firefighting, emergency medical services, education, and health care as well as members of the SC Army National Guard, SC Air National Guard and Veterans of the U.S. Armed Forces.

This program offers FHA, VA, USDA and Conventional financing with a reduced fixed interest rate and enhanced $10,000 Down Payment Assistance. All approved Lending Partners are eligible to participate. Borrowers must have a fully executed sales contract for the purchase of a home prior to locking the interest rate. Please refer to the SC Housing Homebuyer Program Guide and Manual for additional details not covered below.

Palmetto Heroes 2020
Eligible Heroes Borrowers must be employed in SC and meet SC Housing’s First-Time Homebuyer requirements and underwriting guidelines.

Teachers – Borrower must be employed as a full-time classroom teacher (or have a contract to begin teaching) and must have a South Carolina Teacher Certification. Teachers with new contracts must be scheduled to receive their first paycheck within 60 days of loan closing.

Law Enforcement Officers – Borrower must be employed full-time as a state or local law enforcement officer (as defined by the SC Law Enforcement Training Act) and must be certified by the Law Enforcement Training Council as of the date of the loan application.

Correctional Officers – Borrower must be employed as a full-time corrections officer for the South Carolina Department of Corrections, SC Department of Juvenile Justice, or with a state, county or municipal detention center.

Firefighters, EMTs and Paramedics – Borrower must be employed full-time as a firefighter, emergency medical technician (EMT) or paramedic (or be a volunteer firefighter) with a state or local government agency. EMTs and paramedics may be employed by a company contracted by a state or local government agency to provide emergency medical services.

Veterans – Borrower must have served on active duty in the U.S. Armed Forces (other than active duty for training) and received a discharge other than dishonorable within the past 25 years. NOTE: Eligible veterans cannot have an ownership interest in another principal residence at the time of loan closing.

SC National Guard Members – Borrower must be a member in good standing of the SC Army National Guard or the SC Air National Guard as of the date of loan application. Enlistment must be documented with a statement of service.

New for 2020!

Licensed Medical Professionals – Borrower must be employed full-time in a hospital, clinic, doctor’s office, nursing home/long term care facility or other medical facility. Borrower must be licensed/certified by the State of South Carolina. Copies of License or Certification are required at the time of review/eligibility.

Grocery Store Employees – Borrower must be employed full-time in a grocery store such as; Kroger, Harris Teeter, IGA, KJ’s Market, Aldi, Lowe’s (grocery), Whole Foods, Food Lion, Bi-Lo, Publix, Piggly Wiggly, Lidl, Sam’s, Costco.

Delivery Drivers – Borrower must be employed full-time as a delivery driver for a package delivery service/logistics company such as; UPS, USPS, FedEx, or Amazon.

Income and Sales Price Limits Sales price and income limits are county-specific and are subject to change without notice. Refer to the SC Housing Homebuyer Sales Price and Income Limits located in Lender Online.

Please refer to the SC Housing Homebuyer Manual for detailed information on how to calculate Household Income for program compliance.

Rate Lock Periods
  • 60 days – Existing Construction
  • 120 days – New Construction
  • The Float-Down Option for New Construction is not available on this program
  • Funds are limited and available on a first come, first served basis
  • Once funds are exhausted, reservations will be closed
Down Payment Assistance (DPA) SC Housing offers Forgivable Down Payment Assistance (DPA) to all qualified borrowers. DPA is available in the amount of $10,000 and may be used towards a borrower’s down payment, closing costs and/or prepaid items. Borrowers must meet sales price and income limits, in addition to SC Housing’s first mortgage requirements.

Forgivable DPA – This is a second mortgage with either a ten (10) year or twenty (20) year term (based on Household income). Borrowers who are at or below 80% AMI will receive the 10 year term. Borrowers who are above 80% AMI will receive a 20 year term. The interest rate is zero and there are no monthly payments. The borrower must occupy the subject property for the term (10 or 20 years) of the lien for the assistance to be fully forgiven.

  • No monthly payments required
  • All liens must be closed in the lender’s name and assigned to SC Housing at delivery
  • Lenders are responsible for completing, delivering and documenting all required TRID disclosures
  • The final Closing Disclosure, any addendum and seller certification must be signed by all parties
  • Lenders will be responsible for sending the Good-Bye letters (First and Second DPA) in accordance with RESPA
Federal Recapture SC Housing Homebuyer Program first mortgage and DPA loans are subject to Federal Recapture. SC Housing will reimburse any borrower that is required to pay a recapture tax to the IRS.
Delivery Requirements All SC Housing Palmetto Heroes loans must be delivered to SC Housing within 15 days of closing. Palmetto Heroes loans must close and be delivered in purchasable form to SC Housing no later than 12/31/2020.
SC Housing Contact Information Lender Help Desk 803.896.2211
mortgage.production@schousing.com

Underwriting Questions/File Submission and Status Updates
under.writing@schousing.com