NEW MORTGAGE PROGRAM COULD MEAN LOWER PAYMENTS FOR SC HOMEBUYERS

Beginning today, November 4, 2014, the South Carolina State Housing Finance and Development Authority (SC Housing) launches its SC Housing Homebuyer Program.

Known for 44 years as the state’s premier lender for low, fixed rate mortgage loans and generous down payment assistance, the agency has made homeownership available for thousands of South Carolinians. To date, SC Housing has made more than 40,000 first mortgages, for a total investment of well over $2.5 billion and more than 15,000 down payment assistance loans, accounting for more than $40 million.

With this new program, SC Housing will make homeownership possible for even more of the state’s aspiring first time homebuyers. “The SC Housing Homebuyer Program offers those who qualify more options to transform their dream of homeownership into a reality of homeownership,” said SC Housing Executive Director Valarie M. Williams. “For those who choose this route to homeownership, payments may be even lower than with our traditional loans.”

The SC Housing Homebuyer Program offers a 3.75% fixed rate on FHA Loans or 4.25% fixed rate on conventional loans (rates can change with market conditions), down payment assistance from $5,000 (for existing homes) to $8,000 (for newly constructed homes) and may be combined with down payment assistance funding from other sources. Potential borrowers must meet SC Housing’s mortgage underwriting requirements for items such as household income, credit score, and home price.

“Homebuyers who qualify for our mortgage programs are responsible, credit worthy borrowers having the wherewithal to afford monthly mortgage payments,” said SC Housing Executive Director Valarie M. Williams. “Often, the hurdle for our homebuyers is having sufficient savings for the down payment and other expenses that are part of the home purchase process.”

Potential homebuyers should contact their lender or real estate agent to find out if they qualify for a loan under the SC Housing Homebuyer Program.

About SC Housing For over forty years, SC Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency’s vision is that all residents have the opportunity to live in safe, decent and affordable housing. The agency administers a number of federal and state programs directed at low and low-to- moderate income South Carolinians. SC Housing is self-sustaining and receives no state appropriations. For more information, visit www.SCHousing.com.