The South Carolina Housing Authority has released a brand new program for the residents of South Carolina called the Palmetto Heroes Program. Designed to assist Police Officers, Correctional Officers, Firefighters, EMS Workers and Teachers (who hold a SC Teacher’s Certificate and are currently employed or will be within 60 days of closing), this program will offer downpayment assistance and a reduced interest rate.
Downpayment Assistance is $7,000-repayable or forgiveable.
- Category 1-Income equal to or less than $72,360 (One Person), $84,400 (Two People)-it is Repayable -you have to pay it back beginning three years into your purchase. 4% interest rate for the $7,000 loan. ($128.92/month for five years)
- Category 2-Income of at least 33,800 (one Person) 38,600 (Two People)-it is forgiveable if you live in the house for a minimum of five years. (Loan is prorated-if you only live in for 4 years, you will only owe a percentage of the loan)