SC State Housing Launches New Tax Credit Program


Significant savings benefits for qualified homebuyers
 
COLUMBIA,SC – November 27, 2012 – South Carolina homebuyers now have a powerfulnew tool to make their mortgages more affordable and save thousands ofdollars each year that would have otherwise been paid in taxes. The SCMortgage Tax Credit Program is a Mortgage Credit Certificate Programadministered by the South Carolina State Housing Finance and DevelopmentAuthority (SC State Housing) that provides a federal income tax creditto qualified homebuyers of up to $2,000 per calendar year for every yearthey occupy the home as their primary residence*.
 
The SCMortgage Tax Credit Program will allow qualified homebuyers to savethousands of dollars in mortgage interest payments by taking a taxcredit of 30 percent on their federal income tax – up to a maximum of$2000 per calendar year.  This could result in substantial savings overthe life of a mortgage loan – savings that the homeowner can keep,rather than paying in taxes.
 
Spend A Little! Save A Lot!
Thecost of the SC Mortgage Tax Credit is just $500, with lenders being ableto charge up to an additional $200 processing fee. The cost ofobtaining the credit can be paid by the seller of the home as well.
 
Who Qualifies?
To qualify, a homebuyer must meet certain conditions:

• The homebuyer is purchasing a primary residence in South Carolina; AND
• Thehomebuyer is a first-time homebuyer, has not owned a home in the lastthree years, or buys a home in a “targeted” county; AND
• The homebuyer occupies the home as a primary residence; AND
• Household income** falls within the limits established for the county in which the primary residence is being purchased; AND
• The purchase price** is within the limits established for the county in which the primary residence is being purchased.

**Household income limits and home purchase price limits vary by household size and by county.  
The home may be new construction or an existing single-family home.
 
What Type of Loan Can It Be Used With?
TheSC Mortgage Tax Credit may be used with Fannie Mae, Freddie Mac,conventional, fixed rate, adjustable rate, FHA, VA and USDA-RuralDevelopment financing.  It is not available for SC State Housingbond-financed loans, FHA 203(k) or USDA 502 direct loans.
 
How Does Someone Qualify?
Theprogram is available to homebuyers through a statewide network ofqualified lenders. Contact a qualified lender today to determine if youqualify. The lender will submit the application on behalf of thehomebuyer. A list of qualified lenders can be found atwww.SCHousing.com/MortgageTaxCredit.
 
How Does a Lender Become Approved to Offer the Program?
Tobecome a qualified SC Mortgage Tax Credit lending partner, lenders maycomplete an application and agreement, which can be found atwww.SCHousing.com/Lending_Partners or contact Claude Spurlock at803.896.9396 or [email protected].
 
For additional information regarding the SC Mortgage Tax Credit Program, please visit www.SCHousing.com/MortgageTaxCredit.
AboutSC State Housing
For over forty years, SC State Housing has createdquality affordable housing opportunities for the citizens of SouthCarolina.  The agency’s vision is that all residents have theopportunity to live in safe, decent and affordable housing.  The agencyadministers a number of Federal and State programs directed at low andlow-to-moderate income South Carolinians.  SC State Housing isself-sustaining and receives no state appropriations.  For moreinformation, visit www.SCHousing.com.

*As long as the Mortgage Credit Certificate has not been revoked.