SC Housing’s Palmetto Heroes program provides down payment assistance to frontline workers buying their first home
GREENVILLE, SC (WSPA) – This week, SC Housing officially launched its Palmetto Heroes Program 2021 which offers low rates and thousands of dollars in financial assistance to frontline workers looking to buy their first home.
“They do the job every day to protect and serve the residents of South Carolina,” said Chris Winston, director of media and market engagement for SC Housing. “Whether it’s as teachers, or police, or firefighters, or members of the military, or veterans, or correctional officers, licensed health professionals… And we have this program to help them gain access to property. “
Winston said many frontline workers meet the need to make mortgage payments, but don’t necessarily have that large amount of money set aside for down payments or closing costs.
“This program guarantees a fixed rate, low interest rate loan,” Winston explained. “Our loans provide 2.75% which is historic lows, just as the rest of the industry sees it. And $ 12,000 in forgivable down payment to help people with those closing costs and that down payment to let them move into a house. “
The program is available on a first come, first served basis.
Mortgages are for 30 years, and you must meet SC Housing’s income requirements and requirements for a first home purchase based on location and household size.
However, everything about the application process is like buying a house.
“You pick a place to live, you work with an agent or a lender, and then what happens after the close, SC Housing buys that loan, securing that support to the buyer,” Winston said.
This is where companies like “On Q Financial” come in, because they are the origin of mortgages.
“We actually offer this loan program, we underwrite,” said Billy Davis, branch manager for the Greenville office. “We approve loans subject to these conditions, so that people meet the criteria, and then we sell them or put them in public housing.
If you are do not a frontline worker, SC Housing still has a lot of help for everyone.
“Even if you don’t qualify as one of these particular professions, there are a number of home buying programs that we have that have from seven to eight thousand dollars in down payment assistance,” Winston said.
In honor of SC Housing’s 50th anniversary, the program set aside $ 50 million in assistance that has helped more than 15 hundred homeowners buy homes over the past 14 years.
To learn more about the Palmetto Heroes program, Click here.