Tuesday, March 13, 2012

SC Housing Finance and Development Authority First Mortgage Program

Buying your first home is a big step. The South Carolina State Housing Finance and Development Authority (S.C. State Housing) is here to assist you with a mortgage you can afford. This flyer offers some basic information on buying a home using S.C. State Housing programs. For more information, check the home buyer requirements for each homeownership program on our website at www.schousing.com or call S.C. State Housing at (803) 896-9508.

Getting Started

First, contact one of our Participating Lending Partners listed on our website to apply for a S.C. State Housing mortgage loan. They will analyze your monthly income, credit history and other variables to determine a mortgage you can afford. This process will help you target homes within your price range.

Next, locate a home you want to buy within your income and S.C. State Housing price limits. Finding a licensed real estate agent can be a great help in this process.

After the seller accepts your offer, it’s time to get back in touch with your Participating Lending Partner to complete a mortgage application. Keep in touch with your Lending Partner and quickly respond to any requests for information. After you have been approved, a closing date will be scheduled with you, your lender, realtor and the seller.

Help with your down payment and other assistance

As funds are available, S.C. State Housing offers down payment assistance loans to qualified borrowers to help with the out-of-pocket and closing cost expenses associated with buying a home. This is made available in the form of a second mortgage loan. We offer two types of assistance, depending on your income, family composition and county.

Repayable Down Payment Assistance

The repayment begins after three years and is repayable over five years at a low, fixed interest rate. No interest accrues during the first three years.

Forgivable Down Payment Assistance

As long as you live in the home, the assistance is forgiven at the rate of 20% per year over the term of five years. At the end of the fifth year this assistance is fully forgiven. The loan must be repaid if the borrower fails to remain in the home for five years.Your Participating Lending Partner will know the program option that is right for you.

A Mortgage You Can Live With
  • All loans are offered at a fixed interest rate for the life of the loan.
  • Our loans may be used for new and existing single family homes, condominiums, townhouses and off-frame modular homes.
  • S.C. State Housing loans are available to first-time home buyers. This means that you have not owned a home in the last three years in the following counties: Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, and York.  For all other counties, this requirement is waived.  In these counties, you must not own a home at the time of closing. This waiver may also apply to any specialty programs.
  • All homes financed by S.C. State Housing must be owner-occupied and intended as your principal residence.
  • S.C. State Housing loans cannot be used for refinancing.

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