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MONTHLY SPOTLIGHT

SC State Housing lowers rates for home buyers

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If a home purchase is in your plans for the new year, the South Carolina State Housing Finance and Development Authority's (SC State Housing) new low interest rates and down payment assistance may be just the break you have been waiting for.
 
As of Monday, January 4, 2010, SC State Housing set its rates at 5.25% in Categories I and II, which include borrowers earning 50.01% and above of median income, and 5% for those in Category III, covering borrowers earning 50% and below of the median income as well as disabled borrowers (rate sheet attached). All categories offer up to $5000 down payment assistance. Down payment assistance is repayable for borrowers in Category I and forgivable in Categories II and III.
 
First-time home buyers may also take advantage of up to $8000 in federal tax credits if they purchase a home before April 30, 2010, with a 60-day extension if a binding contract is in place prior to that deadline. Members of the Armed Forces, Military Intelligence and Foreign Service who are on extended overseas duty or who have been on active duty for more than 90 days in 2008 and 2009 have another year to use the tax credit (through June, 30, 2011).

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