As a Real Estate agent that assists home buyers in the Columbia, SC area every day one of the most common questions is “which home loan is best for me?”
Check out the list below for some helpful hints
With available Conventional, VA, FHA, and USDA home loans available you might think that would be enough. I’d also add that as of Spring of 2017 there are two other loans that are really good deals but only available for a limited time. Those are the Lift Neighborhood Loan and the SC Palmetto Heroes loan program.
The Lift Neighborhood home loan program is a down payment matching program with up to $7,500. Actually, they match the buyer’s down payment at a higher rate. Here’s an example, if the sales price of the home is $150,000 and the buyer is using an FHA loan, the required down payment is 3.5% which is $5,250. The Lift program gives the buyer an extra $7,500. The lower the down payment by the buyer, the less the buyer gets from the program. There are actually limited funds for this program so it is best to act fast if you are interested in this loan.
The Palmetto Heroes home loan program is offered each year, typically in the spring, to reward our local community heroes with down payment assistance of up to $6,000 and a fixed interest rate of 3.5% (regardless if the overall interest rate goes up or down). Eligible professions include Law Enforcement Officers, Correctional Officers, Teachers, Nurses and Certified Nursing Assistants, Firefighters, Veterans, Emergency Medical Services Personel, and SC National Guard (Active members – Army or Air). This year the program started on April 19th. Last year the funds ran out in 7 WEEKS!!! If you are eligible, don’t waste any time. Contact us today to find out if you qualify.
The Lift Neighborhood home loan program has run out of funds. It is unknown if it will be refunded. The 2017 Palmetto Heroes home loan program in 2017 started in April and ran out of funds within 8 weeks. The program WILL be back in Spring of 2018, usually April.
Never fear that these loan programs may not be available now as there are always new loan programs coming on the market with low or no payment. Also, lenders often have their own programs as well include down payment assistance or low/no down payment.
For more information on all these loan programs, you can reach Adrian La Fosse of the Columbia New Home Buyer Team at (803) 622-9731 or by filling out the form below.