GREENVILLE, SC (WSPA) – This week, SC Housing officially launched its 2021 Palmetto Heroes program which offers low rates and thousands of dollars in financial assistance to frontline workers looking to buy their first home.
âThey do the job every day to protect and serve the residents of South Carolina,â said Chris Winston, SC Housing’s media and market engagement manager. âEither as teachers, or police, or firefighters, or members of the military, or veterans, or correctional officers, licensed health professionalsâ¦ And we have this program to help them access homeownership. “
Winston said many frontline workers meet the need to make mortgage payments, but don’t necessarily have that large amount of money set aside for down payments or closing costs.
“This program guarantees a fixed rate loan at a low interest rate,” explained Winston. âOur loans guarantee at 2.75%, which is an all-time low, just like the rest of the industry. And $ 12,000 in repayable down payment assistance to help people pay those closing costs and that down payment to move into a house. “
The program is available on a first come, first served basis.
Mortgages are for 30 years and you must meet SC Housing’s requirements for first-time buyers and income requirements based on location and household size.
However, everything about the application process is like buying a house.
âYou pick a place to live, you work with an agent or a lender, and then what happens after the close, SC Housing buys that loan, securing that support to the buyer,â Winston said.
This is where companies like âOn Q Financialâ come in, because they are the originators of mortgages.
âWe actually offer this loan program, we underwrite,â said Billy Davis, branch manager for the Greenville office. “We approve loans subject to these conditions, so that people meet the criteria, and then we actually sell it or put it in public housing.”
If you are not a frontline worker, SC Housing still has a lot of help for everyone.
âEven if you don’t qualify for any of these particular occupations, there are a number of home buying programs we have that offer seven to eight thousand dollars in down payment assistance,â he said. declared Winston.
In honor of SC Housing’s 50th anniversary, the program set aside $ 50 million in assistance that has helped over 15 cents homeowners buy homes over the past 14 years.
To learn more about the Palmetto Heroes program, click here.