3.75% Interest Rate and $5,000 Toward Down Payment ExpensesThe South Carolina State Housing Finance and Development Authority (SC State Housing) announces a $10 million initiative designed to help South Carolina law enforcement officers, correctional officers, teachers, firefighters, nurses, veterans and EMS personnel who want to become homeowners.
Buying a first home can be a challenge, even if you are employed in a noble profession, but with a modest salary. Palmetto Heroes will provide low interest home loans to members of these professions who qualify. Eligible Palmetto Heroes home buyers can get a fixed interest rate of 3.75% on a mortgage as well as down payment assistance of up to $5,000. This down payment assistance could even be forgivable over time in some cases, depending on the borrower’s income.
“Being able to afford a home is a growing concern for everyone in our state,” said Valarie Williams, SC State Housing’s Executive Director. “It’s important that we salute these Palmetto State heroes and invest in them.” She said the Palmetto Heroes program might even strengthen recruitment and retention in these career choices, vital to our state’s overall wellbeing. “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 law enforcement officers, correctional officers, teachers, firefighters, veterans, nurses, 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.
Those who do not qualify for Palmetto Heroes may still qualify for one of the other lending programs offered by SC State Housing. The regular home buyer’s program is available year round to a broad range of South Carolinians seeking to become homeowners.
Mortgage loans can be up to 30 years and are available through any of SC State Housing’s network of more than 100 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.
For more information, contact one of the Realtors®, banks or mortgage brokers certified in SC State Housing programs. A list is available at the agency’s website: http://www.schousing.com.
SC State Housing is a self-sustaining agency of state government and does not receive a state appropriation.