More Buyers May Qualify for Down Payment Assistance – New SC State Housing Rules.

SC State Housing offers a variety of mortgage financing options through a variety of Lending Partners to make owning a home more affordable and recent changes will allow more buyers to qualify.

One of the most substantial changes allows the applicant / buyer to use only his/her income for qualification purposes. This change will allow more buyers to fall under the income limits to help them qualify for the program. Previously, the total household income had to be under the income limit to qualify.

The current bond issue offers a lower than market rate and $10.000 down payment assistance. The rules for “targeted” areas allow buyers to purchase their primary residence but they cannot own another property at the time of closing. However, buyers can sell their current home prior to purchasing the new home and still use the program as long as they meet all other guidelines.

For “non-targeted areas, purchasers may not have owned a home within 3 years of closing the new home

There are a variety of affordable SC Housing programs with different criteria and the much-anticipated Palmetto Heroes Program will be available this spring (date and details have not been announced yet). Palmetto Heroes serves military, police, fire and medical personal and typically has a generous down payment assistance amount and a lower-than-market rate.

If you or someone you know could benefit from a State Housing program, please contact me, I would be happy to help connect you with the needed resources.

STATE HOUSING PRICE-INCOME LIMITS PDF

Gena Glaze