S.C. State Housing helps "Heroes" become homeowners

Palmetto Heroes now available to more workers

By: Christine Scarpelli | News Channel 7
Published: August 31, 2010

The South Carolina State Housing Finance and Development Authority is re-launching its program to help South Carolina “heroes” become homeowners.

In the revamped Palmetto Heroes-2, teachers and first responders will be joined by administrative personnel in education and firefighting, all law enforcement officers – including dispatchers and Corrections Officers, and Nurses as well as EMTs.

The program added $15 million to the $40 million that was announced in March 2010 and reduced the interest rate to 4.5 percent.

There is also more money in down payment assistance loans. S.C. State Housing will offer $5000-$7000 for Category I buyers, with a medium income above 80 percent and $7500 to Category II buyers, with a medium income of 50.01-80 percent, (see county income charts).

If you are in Category II or planning to own the home for at least 5 years, the $7500 is forgivable

SC State Housing officials hope the term “first-time” will not discourage potential home buyers because the definition is very broad. In most counties, you are eligible if you haven’t owned a home in the past three years and in other counties, people can participate if they don’t currently own a home.

Mortgage loans can be up to 30 years and are available through any of S.C. State Housing’s network of more than 200 participating private sector lenders and brokers statewide.

Maximum income limits are based on the median income per county and household composition. Palmetto Heroes-2, like its predecessor, may not be used for refinancing.