South Carolina Housing is making $40,000,000 available in special financing for our State's heros, including teachers, police, fire EMT and correctional officers. Based on income, SC Housing is providing up to $7,000 in down payment assistance for qualified buyers throughout the state. First time home buyers can also take advantage of the Federal First Time Homebuyer Tax Credit of up to $8,000. Program highlights include:
- 5.125% 30 Year Fixed Rate Mortgage
- $7,000 in down payment assistance
- $8,000 FTHB Tax Credit (contract by April 30, 2010)
- Minimum FICO Score - 620 (Alternative credit considered)
- County income and purchase restrictions apply
This program was offered in 2008 and funds were exhausted quickly. With value at all time lows, reduced interest rates and increased down payment assistance, this program should generate brisk activity while funds are available. Merrimack Mortgage has partnered with selected Realtors in the upstate to co-market this program in targeted markets.
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