(Statewide) July 12, 2006 - The SC State Housing Authority has various loan programs that may help you buy a home. WIS has collected some information on these options, and more can be found on the organization's website.
First Time Homebuyer Program
Through Participating Lending Partners statewide, they offer first-time homebuyers a variety of Homeownership and Down Payment Assistance loans at below-market fixed interest rates to low and moderate income families. State Housing uses a three-tiered interest rate option in an effort to reach more people.
Potential homeowners must meet income and purchase price guidelines.
You can apply for a State Housing mortgage loan at any one of the Authority's participating lending partners. (Call 896-9001 or visit the website at www.schousing.com.)
Homeownership Program for Disabled and Caregivers
The State Housing Authority has tailored a program to assist disabled individuals and/or their caregivers.
To qualify for this program the homebuyer must be permanently disabled or be a custodial parent or legal guardian of at least one dependent who is permanently disabled as determined by SSDI/SSI. Under the Individuals or Families with Disabilities Program, the first time homebuyer requirement has been waived and all qualified applicants will receive the current Option III fixed interest rates.
Income qualifications and home purchase price limits vary by county and household size.
Homeownership Program for Single Parents
Single parent loans are available to qualified parents who have custody of a child under the age of 18 in their care. To better reach these parents, the State Housing Authority offers a below market fixed interest rate and waives the first time homebuyer requirement. As with the other homeownership programs, income qualifications and home purchase price limits vary by county and household size.
Down Payment Assistance Loan Program
As funds are available, State Housing will offer down payment assistance loans (DPA) to eligible borrowers meeting the Agency's homebuyer qualifications. This will help with the out-of-pocket and closing cost expenses associated with buying a home.
Down payment assistance programs can only be used with SC State Housing's mortgage loan program.
Posted 6:00pm by Chantelle Janelle