SC Housing Palmetto Home Advantage Program

The SC housing Palmetto Home Advantage Program is a conventional mortgage designed for moderate income, first-time and “move up” homeowners.

It is a Fannie Mae conventional mortgage offering 3% forgivable down payment assistance, no first time home-buyer requirements and reduced mortgage insurance coverage (18% vs 25%)

Conventional ease, Flexible options for borrowers with credit scores of 680 or higher, Palmetto Home Advantage offers cost savings over long term. Mortgage insurance may be cancelled, (certain restrictions apply) So, if your qualifying income is $87,500 or less, a palmetto Home Advantage Program mortgage may be the loan program for you!

Features:

1- There is no first-time home-buyer requirements or risk-based pricing

2- 3% forgivable down payment assistance

3- Statewide income limit is $87,500

4- Maximum debt-to-income ratio is 45%

5- Maximum loan-to-value is 97%

6- Minimum FICO credit score 680

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