August 12, 2011
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South Carolina State Housing Finance and Development Authority

 

The South Carolina State Housing Finance and Development Authority (SC State Housing) announced today that it is lowering interest rates on both its First-Time Home Buyer Mortgage Loan and Palmetto Heroes programs – lending assistance programs offering low interest rates and down payment assistance to qualified buyers.
 
Effective immediately, SC State Housing is now offering a competitive fixed interest rate of 4.375 percent, in both qualification categories (I and II), on its First-Time Home Buyer Program. The program also offers up to $4,000 in down payment assistance to qualified borrowers who have their first mortgage through the program.
 
Additionally, the Palmetto Heroes homeownership program will now offer a competitive fixed interest rate of 4.00 percent. Palmetto Heroes is designed to help South Carolina law enforcement and correctional officers, teachers, firefighters, nurses, EMS personnel and veterans who want to become homeowners. This program also offers up to $5,000 in down payment assistance for qualified borrowers.
 
“Having the flexibility to quickly adjust interest rates on our First-Time Home Buyer Mortgage Loan Program, coupled with the structure of the program, allows us to create optimal buying conditions for first-time buyers,” said Valarie M. Williams, SC State Housing’s Executive Director. “Not only does this benefit low-to-moderate income individuals and families by making it possible for them to own a home – it also stimulates the economy and contributes to the overall recovery of the housing market.”
 
Since program’s inception, SC State Housing has made more than 38,000 loans exceeding $2.3 billion. Additionally, the agency has made more than 13,000 down payment assistance loans totaling over $48.7 million.
 
To date, SC State Housing has issued more than $1.1 billion in tax exempt bonds that provide financing for affordable housing initiatives like the First-Time Home Buyer Mortgage Loan Program. Moody’s recently gave SC State Housing’s Housing Revenue Bond its highest rating of Aaa. Furthermore, as of July 1, 2011, SC State Housing’s bond portfolio and related investments are worth more than $900 million.
 
Persons considering buying a home can contact one of the agency’s Participating Lending Partners to find out if they qualify for a loan under the Program. Potential buyers can also find information about the program on the agency’s website by visiting www.schousing.com/First Time_Home_Buyers or contacting the agency’s Mortgage Production Division at (803) 896-9396.
 
First-Time Home Buyer Mortgage Loan Program At-A-Glance
SC State Housing’s First-Time Home Buyer Mortgage Loan Program assists low-to-moderate income families and individuals in South Carolina by offering a competitive market fixed interest rate mortgage loan.
 
·         First-time home buyer requirement:
§ Borrower must be first-time home buyer or not have owned a home in last three years in: Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg and York counties
§ For all other counties, the above requirement is waived; borrowers must not own a home at time of closing
§ Waived for single parents and individuals or families with disabilities
·         Categories of borrowing:
§ Category I – for borrowers above 80% of median income; offers $4,000 down payment assistance in form of repayable second mortgage for qualified borrowers
§ Category II – for borrowers at or below 80% of median income; offers $4,000 down payment assistance in form of a forgivable second mortgage
·         Minimum credit score requirement of 620
·         Homes financed by program must be owner-occupied and intended as borrower’s principal residence
 
Visit www.schousing.com/First-Time_Home_Buyers for additional details, including income categories and maximum home prices by county and household size.
 
About SC State Housing
For forty years, SC State Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency’s vision is that all residents have the opportunity to live in safe, decent, and affordable housing. The agency administers a number of Federal and State programs directed at low and low-to-moderate income South Carolinians. SC State Housing is self-sustaining and receives no state appropriations. For more information, visit www.schousing.com.