Palmetto Heroes 2016 Update: Low Interest Rates and Down Payment Assistance for Buying Homes
- March 15 2016
- Posted by: Adrian La Fosse
- Category: Blog
[vc_row][vc_column][vc_column_text]UPDATE 4/21/2016: The Palmetto Heroes 2016 home loan program has officially started! 3% Interest Rates and Up to $10,000 Down Payment Assistance for Buying Homes. UPDATE 7/1/16: Funds have run out on this year's program. Typically the funds renew every Spring. It is HIGHLY recommended that you contact us well in advance of next spring to confirm you will be ready when funds are released again. This year the funds ran out in less than 2 months. Get started now and get pre-qualified in advance. Palmetto Heroes 2016 Update: SC Housing will be announcing the release date of 2016 Palmetto Heroes program sometime in April! Each year, SC Housing may select additional occupations, but those details will not be released until April. Get pre-approved NOW so you can benefit from this great program!
Thinking of buying a home in 2016? Don't do it until you find out if you will qualify for the Palmetto Heroes program. You could potentially save thousands of dollars!The Palmetto Heroes program will include lower than market interest rates and Down Payment Assistance to those that qualify. But you still have to qualify like you would for any other loan. The Heroes selected for the 2016 Palmetto Heroes program include community service personnel in the fields of law enforcement, corrections, firefighting, emergency medical services, education, and health care as well as members of the SC Army National Guard, SC Air National Guard and veterans of the U.S. Armed Forces. In the past this program offered FHA financing with an incredibly low-interest rate of 3.00% and down payment assistance as well. Funding is VERY LIMITED, and is available on a first-come first-served basis. This is NOT a sales ploy! Funding DOES and WILL run out! It does every year. Borrowers must have a fully executed sales contract for the purchase of a home prior to locking the interest rate and getting the benefits of the program. Borrowers must be employed in SC and meet SC Housing’s First-Time Homebuyer requirements and underwriting guidelines. Here are the eligible community service people for the Palmetto Heroes 2016 program. (Please note that there may be additions to this list) Law Enforcement Officers – Borrower must be employed full-time as a state or local law enforcement officer (as defined by the SC Law Enforcement Training Act) and must be certified by the Law Enforcement Training Council as of the date of the loan application. Fire Fighters, EMTs and Paramedics – Borrower must be employed full-time as a firefighter, emergency medical technician (EMT) or paramedic (or be a volunteer firefighter) with a state or local government agency. EMTs and paramedics may be employed by a company contracted by a state or local government agency to provide emergency medical services. Correctional Officers – Borrower must be employed as a full-time corrections officer for the South Carolina Department of Corrections, SC Department of Juvenile Justice, or with a state, county or municipal detention center. Teachers – Borrower must be employed as a full-time classroom teacher (or have a contract to begin teaching) and must have a South Carolina Teacher Certification. Teachers with new contracts must be scheduled to receive their first paycheck within 60 days of loan closing. Nurses – Borrower must be a registered nurse (RN), licensed practical nurse (LPN), or advanced practice registered nurse (APRN) and be licensed with the SC Board of Nursing. A borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility. Certified Nurse Aides (CNA) – Borrower must have a Nurse Aide Certification and be listed on the SC Nurse Aide Registry. The borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility. Search the SC Nurse Aide Registry here SC National Guard Members – Borrower must be a member in good standing of the SC Army National Guard or the SC Air National Guard as of the date of loan application. Enlistment must be documented with a statement of service. Veterans – Borrower must have served on active duty in the U.S. Armed Forces (other than active duty for training) and received a discharge other than dishonorable within the past 25 years. NOTE: Eligible veterans cannot have an ownership interest in another principal residence at the time of loan closing. For more information on this wonderful program to thank our Columbia, SC heroes, you can reach Adrian La Fosse of the Columbia New Home Buyer Team at (803) 622-9731 or by filling out the form below. [schedule-now][/vc_column_text][/vc_column][/vc_row]