2018 Palmetto Heroes Program – Starts April 2, 2018
The SC State Housing Palmetto Heroes Program is back again for 2018 and it’s not going to last long! Last years funds ran out within the first month, and this year will be no different. The Palmetto Heroes Program offers down payment assistance and a competitive interest rate for the eligible borrower(s) that meet SC Housing’s First-Time Homebuyer requirements and work in a Palmetto Hero job role (see below to see if you are employed in a qualifying position). The program offers FHA and USDA financing. Funding is available on a first-come, first-served basis. Borrowers must have a fully executed sales contract for the purchase of a home prior to locking the interest rate that this program offers. The Palmetto Heroes program is one of the most popular first-time home buyer programs in South Carolina, so if you are employed in one of the following professions and are currently looking to purchase a home, then contact me today!
This year our Palmetto Heroes include:
(Must be employed Full-time)
• Law Enforcement Officers
• Teachers
• Nurses and Certified Nursing Assistants
• Firefighters
• Veterans
• Emergency Medical Services Personnel (EMT’s)
• SC National Guard (Active members; Army or Air, SC State Guard)
• Paramedics
• Correctional Officers
Heroes will have the opportunity to purchase a home with a:
• 4%, 30 year fixed, mortgage interest rate
• Up to $6,000 down payment assistance (DPA)
The first step is to get approved by a participating lender and let them know you want to use the Palmetto Heroes program to reserve your funds. Click here for a list of lenders in the Charleston area. Here are two that I have worked with in the past that can help as well:
Guild Mortgage
3032 W Montagne Ave Suite 103
North Charleston, SC 29418
Loan Officer: Brandon L Andrews
843-608-0470
brandona@guildmortgage.net
Certainty Home Loans
3955 Faber Place Drive Ste 102
North Charleston, SC 29405
Loan Officer: Matt Dorsey
843-952-2202
mdorsey@c
Once you are qualified, then it is time to contact a Realtor, (like me!) to help you find your new home! Once we find your home, make an offer, and it is accepted, we will then turn the contract over to your lender to get started with the application for the Palmetto Heroes program! It’s that simple!
There are some items to consider, however…
There are income limits that determine if you have to pay back the downpayment assistance or not.
For buyers earning at least 80 percent of the area’s median income (family size related), the downpayment assistance comes as a 10-year, low-interest second mortgage. For those earning less, the loan is forgivable, which means you don’t have to pay it back!
For forgivable income limits – click here.
For repayable income limits – click here.
** Limits can change without notice.
If you would like more information or just want to get a better idea of how the program works, you can contact SC State Housing by phone at (803) 896-2211 or call me at (843)714-3855 or email me at neil.bansil@carolinaelitere.com
