Special Loan Program for SC Teachers - 5.875% Interest Rate

Much of the state of South Carolina is currently in a Buyers' Market - a.k.a. a GREAT time for buyers to purchase a property. Let's say you've found the perfect property. Now, your big concern is obtaining financing... that's a solid concern with the credit crunch lately. If you are a teacher in South Carolina, the SC State Housing Authority announced a new program. See the details below...

SC State Housing Authority is excited to announce our 2008 PALMETTO HERO PROGRAM. The Hero selected for the 2008 initiative is "Teachers." The Borrower must have his or her South Carollina Teachers Certification and currently teach or have a contract to begin teaching within 60 days of closing on the home. He/she must live and teach in South Carolina. The borrower(s) must meet State Housings First-Time homebuyer requirements. The program has a reduced mortgage interest rate and down payment assistance available. The program will be limited to $20 million. Loans are on a first come first serve 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 for specific loan details.

INTEREST RATE - Interest rate will be 5.875

DOWN PAYMENT ASSISTANCE:

Tier I - $5,000 Repayable Down Payment Assistance.

$5,000 Repayable Loan has an interest rate of 0% and payments will begin the third anniversary of the first payment on the first mortgage. The payment on the maximum assistance amount of $5,000.00 will be $83.33 per month for 5 years.

Tier 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 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).

Any teacher in South Carolina thinking about buying a property in the next few months should consider this financing option. Take advantage of this limited money!!

If you are thinking about purchasing real estate in the Myrtle Beach area, please contact me at (843) 267-2710 or Kathy@KathyRukat.com. I can get you in touch with a lender that can help you with this loan option.