SC Housing expanding homeownership program

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The S.C. State Housing Finance and Development Authority is expanding a homeownership program created in 2006 to include essential workers such as medical professionals, grocery store employees and delivery drivers.

The Palmetto Heroes program has provided low-interest loans to qualifying S.C. teachers, firefighters, law enforcement personnel, correctional personnel, emergency medical services personnel and veterans since its inception. This year, it is expanding to recognize essential workers’ efforts during the COVID-19 pandemic and has also increased its qualifying income limit in most counties, according to a news release from SC Housing.

Eligible homebuyers can receive a 3.5% interest rate through SC Housing’s first-time homebuyer program in addition to $10,000 in forgivable down payment assistance, according to the release.

Mortgage loans, available through a statewide network of more than 100 lenders, are for 30 years. Maximum income limits are based on the median income per county and household composition.

For more information, call SC Housing at 1-800-432-5007 or visit the agency’s website.