Myrtle Beach Real Estate

2010 PALMETTO HEROES PROGRAM - 843 REALTOR

SOUTH CAROLINA STATE HOUSING FINANCE  THE 2010 PALMETTO HEROES PROGRAM
For POLICE OFFICERS-FIRE FIGHTERS-EMS-TEACHERS - 843 REALTOR Toll Free 888-935-8862

SC State Housing Authority is excited to announce our 2010 PALMETTO HEROES PROGRAM. The Heroes selected for the 2010 initiative are “Police Officers – Fire Fighters – EMS - Teachers”. Borrower(s) must meet State Housings First-Time Homebuyer requirements. The program Features a reduced mortgage interest rate and down payment assistance is available. The Funding will be limited to $40 million. Loans are available on a first come first served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All State Housing loan policies and procedures will be in affect for this program. See our program guides and manual forspecific loan details.

Police Officers – Borrower must be a full-time police officer with state or local government agency including correctional officers with the South Carolina State Department of Corrections

Fire Fighters and EMS - Borrower must be a full-time or volunteer fire fighter or EMS with a state or local government agency.

Teachers - Borrower must have a South Carolina Teachers Certification and be employed as a classroom teacher or have a contract to receive a paycheck begin teaching within 60 days of closing on the home.

INTEREST RATE –The fixed interest rate will be 5.125

DOWN PAYMENT ASSISTANCE

Category I - Up to $7,000 Repayable Down Payment Assistance.

$7,000 Repayable Loan has an interest rate of 4% and payments will begin the third anniversary of the first
payment on the first mortgage.
The payment on $7,000.00 will be $128.92 per month for 5 years.
The payment on $6,000.00 will be $110.50 per month for 5 years
The payment on $5,000.00 will be $92.08 per month for 5 years

Category I I - $7,000 Forgivable Down Payment Assistance
$7,000 Forgivable Loan requires the borrower to live in the purchased property for five years in order for the
loan to be completely forgiven. The loan must be repaid if the Borrower(s) fails to remain in the property for
a minimum of 60 months. (20% of the loan amount is forgiven each year)


myrtle beach real estate Contact 843 Realtor a local Myrtle Beach Real Estate Company

0 comments • John Winzenried • March 04 2010 02:24PM