Teachers, other essential workers get home buying help with “Palmetto Heroes”
May 21, 2019
Buying a first home is a monumental opportunity in one’s life. Financing this occasion can be challenging and for many—can seem unattainable. Beginning in 2006, The South Carolina State Housing Finance and Development Authority (SC Housing) created Palmetto Heroes, a program that helps bring homeownership within reach for some of the most courageous and essential citizen in our state. Palmetto Heroes provides low interest home loans to current qualifying South Carolina teachers, along with firefighters, law enforcement, correctional officers and EMS personnel and veterans (including SC State and National Guard.) The initiative will also provide another crucial incentive–forgivable down payment assistance of up to $8,000.
“These are the people who are vital to the health, safety, and future of our families and communities,” said Bonita Shropshire, SC Housing’s Executive Director. “We want to give them the resources to own a home and be even more a part of part of the fabric of their communities.”
Palmetto Heroes is available to the certified professionals above that reside and work in South Carolina or have a contract to begin working here within 60 days of closing on a home.
Eligible Palmetto Heroes homebuyers can get a 3.875% interest rate through SC Housing’s First-time Homebuyer Program, as well as forgivable down payment assistance.
Public school teachers, law enforcement, firefighters and EMS workers may also be eligible for a forgivable $2,000 grant from Federal Home Loan Bank (FHLBank) of Atlanta for down payment and closing costs, bringing the total available funds to $8,000. “Too often, these professionals cannot afford to live in the areas where they work and serve – this program will bring our Palmetto Heroes back home. FHLB is honored to help those who teach, serve and protect our communities realize the American Dream of Homeownership,” said Arthur Flemming, Senior Vice President and Director of Community Investment Services for FHLBank Atlanta.
Mortgage loans are for 30 years and are available through any of SC Housing’s network of more than 100 participating lenders 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.
SC Housing began this program in 2006. Each year the program is in high demand and loan reservations are typically exhausted within a few months. The demand is expected to be even greater for this program this year. For more information, contact SC Housing at 1.800.432.5007 or visit the agency’s website: www.schousing.com.
About SC Housing
SC Housing is a self-sustaining housing finance agency committed to ensuring that South Carolinians have the opportunity to live in safe, decent, and affordable housing. Agency operations are supported by a funding base that includes fees and other revenue earned through the administration of agency programs. For more information, visit www.SCHousing.com.
