Buying A Home With Down Payment Assistance through the South Carolina Palmetto Heroes Program
Down payment assistance is available for select community heroes in Bluffton, South Carolina. South Carolina Housing offers a program named Palmetto Heroes this program provides down payment assistance up to $10,000 to purchase a home. The program is designed as a first time homebuyer program for individuals whose occupation fits in a certain field. The down payment program is for Teachers,correctional officers law enforcement Officers, Firefighter, EMT, Nurses, CNA’s & veterans just to name a few.
The Palmetto Heroes Program is a loan program for buyers to purchase a home which includes a lower market interest rate and down payments assistance. The program offers a 3%, 30 year fixed, mortgage interest rate and up to $10,000 down payment assistance (DPA)*
The funding for this special down payment assistance is limited and will soon run out. Before receiving the benefits of the program, the borrowers must have a completed sales contract for the purchase of a home aside from locking the interest rate. This loan is only available on a first-come-first served basis and of course, the obvious catch is that you must qualify for thePalmetto Heroes Program.
To qualify for the 2016 Palmetto Heroes Program, individuals must be employed in SC and meet the SC Housing’s First-Time Homebuyer requirements and underwriting guidelines.
Guidelines are listed below:
Law Enforcement Officers – Borrower must be employed full-time as a state or local law enforcement officer (as defined by the SC Law Enforcement Training Act) and must be certified by the Law Enforcement Training Council as of the date of the loan application.
Fire Fighters, EMTs and Paramedics – Borrower must be employed full-time as a firefighter, emergency medical technician (EMT) or paramedic (or be a volunteer firefighter) with a state or local government agency. EMTs and paramedics may be employed by a company contracted by a state or local government agency to provide emergency medical services.
Correctional Officers – Borrower must be employed as a full-time corrections officer for the South Carolina Department of Corrections, SC Department of Juvenile Justice, or with a state, county or municipal detention center.
Teachers – Borrower must be employed as a full-time classroom teacher (or have a contract to begin teaching) and must have a South Carolina Teacher Certification. Teachers with new contracts must be scheduled to receive their first paycheck within 60 days of loan closing.
Nurses – Borrower must be a registered nurse (RN), licensed practical nurse (LPN), or advanced practice registered nurse (APRN) and be licensed with the SC Board of Nursing. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.
Certified Nurse Aides (CNA) – Borrower must have a Nurse Aide Certification and be listed on the SC Nurse Aide Registry. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.
SC National Guard Members – Borrower must be a member in good standing of the SC Army National Guard or the SC Air National Guard as of the date of loan application. Enlistment must be documented with a statement of service.
Veterans – Borrower must have served as active duty in the U.S. Armed Forces (other than active duty for training) and received a discharge other than dishonorable within the past 25 years. NOTE: Eligible veterans cannot have an ownership interest in another principal residence at the time of loan closing.
Although the Palmetto Heroes program is specifically for those individuals that work in the above fields, there are several other programs for individuals looking to buy a home as well.
Interested in knowing what program you would qualify for just click here.
For more information contact Carletha at 843-227-0054
Carletha Frazier Singleton,
SC Real Estate Broker
eXp Realty
