SOUTH CAROLINA STATE HOUSING FINANCE AND DEVELOPMENT AUTHORITY
THE 10PALMETTO ES PROGRAM
POLICE OFFICERS-FIRE FIGHTERS-EMS-T
SC State Housing Authority is excited to announce our 2010 PALMETTO S PROGRAM. The Heroes selected for the 2010 initiative are "Police Officers - Fire Fighters - EMS - Teachers". Borrower(s) must meet State Housings First-Time Homebuyer requirements. The program Features a reduced mortgage interest rate and down payment assistance is available. The Funding will be limited to $40 million. The last time $20 million was available and was allocated before year end. 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 State Housing loan policies and procedures will be in affect for this program.
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 to begin teaching within 60 days of closing on the home.
INTEREST RATE -The fixed interest rate will be 5.125
DOWN PAYMENT ASSISTANCE
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 I I - $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)
INCOME AND HOUSE PRICE LIMITS
Contact me for Income Charts for maximum house prices and income limits.
FIRST TIME HOMEBUYER REQUIREMENTS
•· Targeted Counties (Horry & Georgetown Counties are targeted)
The Borrower(s) buying a home in a Targeted County must not have ownership interest in a principal residence at the time of closing.