Tuesday, November 27, 2012

Palmetto Heroes

The South Carolina State Housing Finance and Development Authority (SC State Housing) Palmetto Heroes program is designed to help South Carolina law enforcement officers, correctional officers, teachers, firefighters, nurses, veterans and EMS personnel who want to become homeowners.

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 or $6,000 for new housing. This down payment assistance could even be forgivable over time in some cases, depending on the borrower’s income.

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.

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.

Currently the Palmetto Heroes Homebuyer has $1.2 Million remaining for 2012 with an interest rate of 3.250

Eligible properties are stick built single-family dwellings, townhouses, condominiums, some double-wide mobile homes meeting all FHA requirements (title must also be surrendered) and off frame modular homes. Condominiums must be FHA approved. All properties must be located in South Carolina.

The program can be used with standard FHMA, FHLMC, FHA, Rural Housing or VA Loans. The loan cannot be used with a SC State Housing Bond Loan or any type of rehab loan including 203K loans. It can be used with a FHA Loan, Guaranteed Rural Housing Loan, Conventional or VA Loan.

A non-refundable fee of $500.00 must be included in the Closing Package sent to SC State Housing to issue the certificate. The fee can be paid by the borrower or seller. Fee payment must be in certified funds or a lender check. The Lending Partner has the option of charging the borrower an additional fee of up to $200.00 for the transaction.

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