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2013 HOUSING FORUM

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MONTHLY SPOTLIGHT

SC Housing Salutes “Palmetto Heroes” with 3% Mortgage Rate Offer

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Special Homebuyer Program Makes $7.7M Available for Loans and Down Payment Assistance

The South Carolina State Housing Finance and Development Authority (SC Housing) announces it is once again making funds available to help South Carolina’s heroes – law enforcement officers, correctional officers, teachers, firefighters, nurses, veterans and EMS personnel – that want to become homeowners. The 2013 Palmetto Heroes Program, a $7.7 million initiative, offers qualified homebuyers a low interest rate of 3% and $5,000 in down payment assistance – some buyers may even qualify for up to $8,000 in down payment assistance on newly constructed homes.

Purchasing your first home can be challenging for anyone – especially those in a noble profession making only a modest salary. Palmetto Heroes is one way SC Housing salutes members of these professions by offering low interest loans to those who qualify. A huge benefit of the program – the down payment assistance – could even be forgivable over time in some cases, depending on the borrower’s income!
 
“This program is our way of honoring these dedicated individuals who contribute so much to our state,” said Valarie Williams, Executive Director of SC Housing. “It’s important that we invest as much in them as they do into our state each and every day. We hope this program might even strengthen recruitment and retention in these careers, which are crucial to our state’s overall wellbeing.”

To date, the Palmetto Heroes Program has made over 600 mortgage loans totaling over $72 million. The average loan amount is $116,480, and the average household income is approximately $43,000.

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