$10 million Home Buyer Program will Salute South Carolina Heroes
April 20, 2012
3.75% Interest Rate and $5,000 Toward Down Payment Expenses
COLUMBIA, SC – April 20, 2012 – /the South Carolina State HousingFinance and Development Authority (SC State Housing) announced a $10million initiative designed to help South Carolina law enforcementofficers, 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 anoble profession, but with a modest salary. Palmetto Heroes will providelow interest home loans to members of these professions who qualify.Eligible Palmetto Heroes home buyers can get a fixed interest rate of3.75% 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 somecases, depending on the borrower’s income.
“Being able to afford a home is a growing concern for everyone in ourstate,” said Valarie Williams, SC State Housing’s Executive Director.“It’s important that we salute these Palmetto State heroes and invest inthem.” She said the Palmetto Heroes program might even strengthenrecruitment and retention in these career choices, vital to our state’soverall wellbeing. “This is just one way SC State Housing can recognizethese dedicated individuals who contribute so much to our state.”
Palmetto Heroes is available to law enforcement officers, correctionalofficers, teachers, firefighters, veterans, nurses, and EMS personnelwho are currently certified in their profession, and reside and work inSouth Carolina or have a contract to begin working here within 60 daysof closing on a home.
Those who do not qualify for Palmetto Heroes may still qualify for oneof the other lending programs offered by SC State Housing. The regularhome buyer’s program is available year round to a broad range of SouthCarolinians seeking to become homeowners.
Mortgage loans can be up to 30 years and are available through any of SCState Housing’s network of more than 100 participating private sectorlenders and brokers statewide. Maximum income limits are based on themedian income per county and household composition. The Palmetto Heroesprogram may not be used for refinancing.
For more information, contact one of the Realtors®, banks or mortgagebrokers certified in SC State Housing programs. A list is available atthe agency’s website: www.schousing.com.
SC State Housing is a self-sustaining agency of state government and does not receive a state appropriation.
