The Palmetto Home Advantage and Palmetto Heroes Programs
Affordable Housing Programs in South Carolina:
Palmetto Home Advantage Program
Looking for an affordable and convenient housing solution in South Carolina? Look no further than the Palmetto Home Advantage Program, offered by #SCSHousing
The Palmetto Home Advantage Program is designed to help South Carolina residents find affordable and safe housing options. Whether you are a first-time homebuyer, a renter looking for a new place to call home, or someone who needs assistance with home repairs or renovations, the Palmetto Home Advantage Program can help.
One of the key benefits of the Palmetto Home Advantage Program is the down payment assistance it provides for eligible homebuyers. Through the program, eligible applicants can receive up to $6,000 in down payment assistance, which can help make homeownership more affordable and accessible.
In addition to down payment assistance, the Palmetto Home Advantage Program also offers a variety of other resources and services to help South Carolina residents find and maintain safe and affordable housing. These include:
Homebuyer education and counseling: If you are a first-time homebuyer, or if you need help navigating the homebuying process, the Palmetto Home Advantage Program offers homebuyer education and counseling services to help you make informed decisions.
Rental assistance: If you are a renter who needs help finding or affording a safe and affordable rental home, the Palmetto Home Advantage Program can help connect you with available resources and programs.
Home repair and rehabilitation: If you own a home that needs repairs or renovations, the Palmetto Home Advantage Program can help connect you with resources and assistance to make the necessary improvements.
If you are interested in learning more about the Palmetto Home Advantage Program, or if you would like to apply for down payment assistance or other services, visit the SCSHousing website or contact their office today. With the Palmetto Home Advantage Program, you can find affordable and safe housing options that meet your needs and your budget.
Program features:
- 100% financing is available (combining 3% forgivable down payment assistance with a Fannie Mae Conventional Loan)
- No Limits on Price of Home
- Mortgage Insurance is required on loans with greater than 80% LTV
- This program may be combined with Mortgage Credit Certificate Tax Credit Program (MCC) if borrower meets MCC Criteria
Eligibility Requirements:
- Annual income must not exceed $87,500 (Borrower limit, not household limit)
- Need a Credit score of 680 or higher
- program is not limited to first time homebuyers, however first-time homebuyers will be required to attend a first-time buyer class
#PalmettoHomeAdvantage, #DownPaymentAssistance, #DownPaymentHomeBuyersAssistance, #ForgivableDownPayment, #SCSHousing,
Palmetto Heroes Program
The Palmetto Heroes Program is a South Carolina state initiative that aims to provide affordable housing to everyday heroes. The program was launched in 2006 to help police officers, firefighters, EMS personnel, and teachers become homeowners by providing them with affordable housing options.
The Palmetto Heroes Program offers two types of assistance to eligible applicants: down payment assistance and a low-interest mortgage loan. The down payment assistance is available in the form of a forgivable loan, which means that the loan does not have to be repaid as long as the recipient stays in the home for a certain number of years.
The low-interest mortgage loan is provided through a participating lender, and it can be used to purchase a home or to refinance an existing mortgage. The program also offers a rate reduction for eligible teachers who work in designated areas of critical need.
To be eligible for the Palmetto Heroes Program, applicants must be first-time homebuyers or have not owned a home in the past three years. They must also be employed as a police officer, firefighter, EMS personnel, or teacher in South Carolina, and meet certain income and purchase price limits.
The benefits of the Palmetto Heroes Program are numerous. The down payment assistance can help make homeownership more affordable and accessible for everyday heroes, while the low-interest mortgage loan can help reduce monthly mortgage payments and save money over the life of the loan. Additionally, the program offers counseling and education services to help recipients make informed decisions about homeownership and financial management.
If you are an eligible applicant and are interested in the Palmetto Heroes Program, you can apply through a participating lender or mortgage broker. To learn more about the program, visit the South Carolina State Housing Finance and Development Authority website or contact their office today.
In conclusion, the Palmetto Heroes Program is a fantastic opportunity for everyday heroes in South Carolina to achieve homeownership and financial stability. With its down payment assistance, low-interest mortgage loan, and counseling services, the program is a valuable resource for those who serve and protect our communities.
