RMF Realty’s Guide to SC’s New Reduced Rate Mortgage Program

Welcome to RMF Realty’s blog, where we’re excited to share some fantastic news for aspiring homeowners in South Carolina! Today, we’re delving into SC Housing’s innovative Reduced Interest Rate Homebuyer Program, a game-changer for first-time buyers in the Palmetto State.

What’s the Buzz About?

SC Housing has rolled out a remarkable opportunity for those dreaming of owning their first home. This program is specifically designed to make homeownership more accessible and affordable in today’s challenging market. Here’s what you need to know:

  • Reduced Fixed-Rate Mortgages: The program offers a special fixed-rate mortgage, initially set at an attractive 6.25%, with zero discount points. Note that lenders may charge up to a one-point origination fee.
  • Eligibility and Requirements: Aimed at first-time homebuyers, this program requires participants to secure FHA/VA and USDA/RHS first mortgage loans. It’s essential to use personal funds or eligible gift funds for down payment and closing costs, meeting all program guidelines.
  • Credit Flexibility: Catering to a broader range of applicants, the program accepts credit scores as low as 620 (for FHA loans) and allows a debt-to-income ratio of up to 45%.

A Message from Steve Clements

Steve Clements, the director of single-family programs at SC Housing, highlights the significance of this program: “In the face of high rates and soaring house prices, this initiative offers a more manageable pathway into homeownership, particularly for first-time buyers like veterans.”

Why Act Now?

  • Limited Availability: The program operates on a first-come, first-served basis, and funds are limited.
  • Rate Fluctuations: The current rate is subject to change, so it’s crucial to act quickly to secure the best deal.

Get Started

To learn more about this outstanding opportunity and how to apply, visit SC Housing’s homebuyer program page at SC Housing Homebuyer Programs.

Also, don’t forget to explore the KW Homebuyers Experience Class. It’s an ideal way to prepare yourself for the home-buying journey. Registration is open, so sign up today to take a significant step toward your dream home!

Stay Updated with RMF Realty

For the latest in real estate trends, tips, and opportunities in South Carolina, keep following the RMF Realty blog. We’re here to guide you through every step of your home-buying journey.

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