"Palmetto Heroes" Home Buying Program

Lower Rates, More Funds for Popular "Palmetto Heroes" Home Buying Program


The South Carolina State Housing Finance and Development Authority (SC State Housing) relaunched its program to help South Carolina teachers, firefighters, law enforcement officers and EMS personnel who want to become homeowners. SC State Housing officials were so pleased with the response to the $40 million program announced back in March, 2010, they decided to add additional funds to the pot and reduce the interest rate.



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.



"Our first Heroes program two years ago was for teachers only," said Valarie M. Williams, Executive Director of SC State Housing. "When we worked up the program last year to include first responders such as police, firefighters and EMTs, we received a lot of calls from the administrative personnel who support them. Administrative workers, dispatchers and the like are just as important to these professions and their dedication needs to be recognized."



Williams said the expanded "Palmetto Heroes-2" will provide low interest home loans to current South Carolina teachers, school administrators, firefighters and support personnel, law enforcement to include dispatchers and Corrections Officers, and EMS personnel and nurses who qualify. The additional funding will also provide the same crucial incentive that made the original Palmetto Heroes so popular - a down payment assistance of up to $7,500.



"Being able to afford a home is still a concern for many people in our state," Williams said. "But it can be especially tough for some of our workers who have the jobs that are critical to our safety and our children's futures and yet, have modest salaries." She said many individuals and families currently paying rent simply have a tough time saving up for the down payment. "It's important that we invest in these workers who are so important to our communities," she said.



Palmetto Heroes is available to teachers and firefighters and their administrative personnel, as well as law enforcement officers - to include dispatchers and Corrections officers, and EMS and nurses who are currently certified in their profession, and reside and work in South Carolina or have a contract to begin working here within 60 days of closing on a home.



Eligible Palmetto Heroes home buyers can get a 4.5 % interest rate through SC State Housing's First-time Home Buyer Program, as well as down payment assistance loans of up to $7,000 in Category I or $7,500 in Category II. (see rate sheet.)



The program includes a grant from South Carolina Realtors®, to bolster the funds available for down payment assistance in Category II.



Mortgage loans can be up to 30 years and are available through any of SC 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.



For more information, contact a Realtor® or SC State Housing at 1-800-432-5007 or visit the agency's website: www.schousing.com.