Palmetto Heroes program to help first-time homebuyers

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SC Housing has launched the 2021 Palmetto Heroes program in an effort to help qualifying teachers, medical professionals and other frontline workers buying their first homes with down payment assistance and low interest rates.

Eligible homebuyers can receive up to $12,000 in forgivable down payment assistance as well as a low, fixed-rate mortgage through SC Housing’s first-time homebuyer program, according to a news release. In recognition of the agency’s 50th anniversary this year, SC Housing has set aside up to $50 million for the program, which has helped more than 1,500 homeowners purchase homes in the last 14 years.

The Palmetto Heroes initiative is also open to firefighters, law enforcement, correctional officers, EMS personnel, active-duty military and veterans.

“Through the Palmetto Heroes program, we hope to recognize many South Carolina workers and families who sacrifice so much on behalf of all of us,” Steve Clements, director of single-family programs at SC Housing, said in the release. “Home ownership is one of the most valuable tools to build wealth, and we are proud to help families attain this goal at a challenging time.”

The program is available on a first-come, first-served basis, and borrowers must have an executed sales contract on a home. Mortgage loans are for 30 years and available through any of SC Housing’s network of 100-plus participating lenders statewide. Borrowers must meet SC Housing’s first-time homebuyer requirements as well as income requirements based on location and household size.

The program may not be used for refinancing.

Funding is typically exhausted within a few months, according to the release. More information is available online at www.schousing.som or by calling 800-432-5007.