Homebuyer program offers up to $12K in assistance for COVID frontline workers in SC
Workers who were on the frontline throughout the coronavirus pandemic could now qualify for loans and other assistance to help them purchase their first home.
The SC Housing Finance and Development Authority (SC Housing) announced a program for teachers, medical professionals, law enforcement, firefighters, correctional officers and EMS personnel, active-duty military and veterans, according to a news release from the agency.
Qualifying frontline workers are eligible for the housing authority’s first-time homebuyer program, where they can get low, fixed mortgage rates and up to $12,000 in forgiveable down payment assistance. The income requirements to qualify for the program vary by county and household size. SC Housing has reserved up to $50 million for the first-time homebuyer program, through which more than 1,500 South Carolina residents have purchased homes over the past 14 years.
Borrowers need an executed sales contract on a home to qualify for the first-come, first-served program. Loans through the program have an interest rate of 2.75%.
For a 10-year forgiveable down payment assistance term, homes up to $300,000 qualify.
The program can’t be used for refinancing, and the mortgage loans are for 30 years.
To apply for the program and see if your income, location and household size qualify, visit https://schousing.com/Home/Palmetto-Heroes.
This story was originally published April 1, 2021 at 9:59 AM with the headline "Homebuyer program offers up to $12K in assistance for COVID frontline workers in SC."
