State Housing Loan Information
South Carolina State Housing Loan Information
The South Carolina Housing and Finance Development Authority has lowered interest rates for first-time home buyers for the second time this year. Interest rates range from 4.75 percent to 4.875 percent depending on the borrower’s income. The Housing Authority also offers down payment and closing cost assistance of $5,000.00 for qualified borrowers.
The Housing Authority has various loan programs that may help you buy a home with interest rates are competitive and depending on your income. The major benefits to you as a first-time homebuyer are lower interest rates and reduced mortgage insurance rates that will save you thousands of dollars over the life of a mortgage and provide you and your family a more affordable monthly payment.
All South Carolina State Housing Loan Programs are based on a fixed interest rate loan with a maximum loan-to-value (LTV) of 97% (for conventional) or 96.5% (for FHA). In other words, if you buy a home for $100,000.00, your minimum down payment that would be required is $3,000.00 (for conventional) or $3,500.00 (for FHA). Depending on your income, SC State Housing may have down payment assistance funds available to pay all or part of the required down payment.
Additionally, they offer a Single Parent Program where the first-time homebuyer requirement is waived with a few stipulations: As a single parent applicant, you cannot own a principal residence at the time of closing on your new home. The borrower must be an unmarried, head of household AND custodial parent or legal guardian of at least one minor child under the age of 18 at the time of the closing. You must also provide documentation that you have been separated for a minimum of six months or have a recorded divorce decree or recorded separation agreement.
The Individual or Family Disability Program is another program where the first-time home buyer requirement is waived for all individuals or families with disabilities, but with a few requirements: The applicant cannot own a principal residence at the time of closing on their new home. You must be 100% permanently disabled or handicapped as determined by Social Security Disability Income (SSDI), Social Security Income (SSI) or be a custodial parent or legal guardian of at least one dependent (regardless of age) who is 100% permanently disabled or handicapped as determined by SSDI/SSI. Appropriate documentation will be required.
And, the Housing Authority also offers the Palmetto Heroes Program 2 to help South Carolina teachers, firefighters, law enforcement officers and EMS personnel who want to become homeowners. SC State Housing officials were so pleased with the response to the $40 million program announced back in March, 2010, they decided to add additional funds to the pot and reduce the interest rate.
Palmetto Heroes 2 is available to teachers and firefighters and their administrative personnel, as well as law enforcement officers – to include dispatchers and Corrections officers, and EMS and Nurses who are currently certified in their profession, and reside and work in South Carolina or have a contract to begin working within 60 days of closing on a home. Eligible Palmetto Heroes home buyers can get a 4.5 % interest rate through SC State Housing’s First-time Home Buyer Program as well as the down payment assistance loan of up to $7,500 which could even be forgivable over time, depending on the borrower’s income. This program includes a grant from South Carolina Realtors®, to bolster the funds available for down payment assistance. These particular mortgage loans can be up to 30 years and are available through any of South Carolina’s State Housing’s network of more than 200 participating private sector lenders and brokers statewide, may not be used for refinancing. Maximum income limits are based on the median income per county and household composition.
If you are a first-time homebuyer or believe you may qualify for any of the other programs offered by the South Carolina Housing Authority, your first job is to contact me.
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My name is Paul Bryant and I specialize in assisting buyers and sellers in Real Estate transactions. My areas of expertise includingColumbia,Lexington,West Columbia, Gilbert,Irmo,Lake Murray and surrounding areas. As your REALTOR®, I will work hard to justify your confidence and generate the results you deserve. Through my determination, research and 100% follow-through, you can be assured that you will receive the best possible service and a clear look at all of your options. Whether you are selling, buying or just have a question, I invite you to call me today at 803.361.0585 or visit my websitewww.PaulBryantWorks.com.
