Group providing down payment assistance, low-interest home loans to SC heroes
With this being Teacher Appreciation Week and with National Nurses Week starting tomorrow, SC Housing is working to help South Carolina residents who serve their communities achieve the dream of homeownership. The group can provide down payment assistance as well as low-interest home loans through the Palmetto Heroes program. The program will assist qualifying SC educators, law enforcement, corrections professionals, firefighters, emergency medical service personnel, licensed medical professionals, members of the US Armed Services, members of the SC Army National Guard and SC Air National Guard, and veterans.
Eligible Palmetto Heroes homebuyers can get a low-interest, fixed-rate mortgage through SC Housing’s First-Time Homebuyer Program, along with up to $10,000 in forgivable down payment assistance. Over the last 15 years, SC Housing has helped more than 1800 homeowners purchase homes in excess of $237 million.
Steve Clements, director of single-family programs at SC Housing, said, "At a time, when our state is experiencing mounting strains on our educators, programs like Palmetto Heroes helps to put homeownership in reach for those dedicated teachers whose paychecks are already stretched. Home ownership is one of the country's most valuable tools to build wealth, and we are proud to help families attain this goal at a challenging time."
The program is available on a first-come, first-served basis, and borrowers must have an executed sales contract on a home. Mortgate loans are for 30 years and are available through any of SC Housing’s network of more than 100 participating lenders statewide. Borrowers must meet SC Housing’s first-time homebuyer requirements, as well as income requirements based on location and household size. The program cannot be used for refinancing.
For more information about the Palmetto Heroes program or other SC Housing homeownership programs, call SC Housing at 1-800-896-2211, or go online to schousing.com.