Special 5.875% Loans for South Carolina Teachers

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 Carolina 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)

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