THE 2010 PALMETTO HEROES PROGRAM

For

POLICE OFFICERS-FIRE FIGHTERS-EMS-TEACHERS

SC State Housing Authority has just announced their 2010 PALMETTO HEROES PROGRAM. The Heroes selected for the 2010 initiative are "Police Officers - Fire Fighters - EMS - Teachers". Borrower(s) must meet SC State Housing's first-time home buyer requirements. The program features a reduced mortgage interest rate and down payment assistance is available. The funding will be limited to $40 million. Loans are available on a first-come first-served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All SC State Housing loan policies and procedures will be in affect for this program. See our program guides and manual for specific loan details. 

Police Officers - Borrower must be a full-time police officer with state or local government agency including correctional officers with the South Carolina State Department of Corrections

Fire Fighters and EMS - Borrower must be a full-time or volunteer fire fighter or EMS with a state or local government agency

Teachers - Borrower must have a South Carolina Teachers Certification and be employed as a classroom teacher or have a contract to receive a paycheck  begin teaching within 60 days of closing on the home.

INTEREST RATE -The fixed interest rate will be 5.125 

DOWN PAYMENT ASSISTANCE included

Category I - Up to $7,000 Repayable Down Payment Assistance.

$7,000 Repayable Loan has an interest rate of 4% and payments will begin the third anniversary of the first payment on the first mortgage.

The payment on $7,000.00 will be $128.92 per month for 5 years.

The payment on $6,000.00 will be $110.50 per month for 5 years

The payment on $5,000.00 will be $92.08 per month for 5 years

 Category II - $7,000 Forgivable Down Payment Assistance

$7,000 Forgivable Loan requires the borrower to live in the purchased property for five years in order for the loan to be completely forgiven. The loan must be repaid if the Borrower(s) fails to remain in the property for a minimum of 60 months. (20% of the loan amount is forgiven each year)

Click here for full details on qualifying for the Palmetto Heroes Program!

 

Rural Housing Program

This innovative loan program provides 100% financing for eligible homebuyers in rural-designated areas. This is a fixed rate, no down payment mortgage designed strictly for purchases of a home. Borrowers can earn no more than 115% of the HUD median income for their area, adjusted by family size.

  • No downpayment required.
  • Seller may pay up to 6% of the homebuyer's closing costs.
  • Homebuyer may borrow up to the appraised value of the home.
  • Lowers the total cash required from the home buyer's own funds for the purchase of their new home.
  • 100% financing requires that borrowers have a clean credit history.