The South Carolina State Housing Finance and Development Authority has various loan programs that may help you buy a home. Interest rates are competitive and depending on your income, there is down payment/closing cost assistance available to assist you in purchasing a home with little or no out of pocket funds. The major benefits to home buyers are lower interest rates and reduced mortgage insurance rates that allow you to have a more affordable monthly payment and save thousands of dollars over the life of a mortgage. First-Time Home Buyer Mortgage Loan Program assists low-to-moderate income S.C. families and individuals by offering a competitive market fixed interest rate mortgage loan. The Authority also offers $3000 down payment assistance based on availability, which may be used toward down payment and closing costs.
All Authority Loan Programs are based on a fixed interest rate loan with a maximum loan-to-value (LTV) of 97% (for conventional or rural housing) or 96.5% (for FHA). Therefore, if you buy a home for $100,000, the minimum down payment that would be required is $3,000 (for conventional or rural housing) or $3,500 (for FHA). Depending on your income, the Authority may have down payment assistance funds available to pay all or part of the required down payment.
For additional information go the SC State Housing finance and Development Authority website http://www.schousing.com/
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes in anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
"Carolina Joe" Idleman