Monday, October 11, 2010

Lowered rates on Palmetto Heros loan

The South Carolina State Housing Finance and Development Authority (SC State Housing) has announced lower interest rates for its popular First-time Home Buyer Program. This time the agency has lowered rates across the board.

Effective immediately, SC State Housing has rates at 4.375% in Categories I, II, and III. All categories offer up to $5000 down payment assistance. The down payment loan is repayable for borrowers in Category I and forgivable in Categories II and III. Rates are subject to change with or without notice.

Rates have also been lowered in the Palmetto Heroes program. The popular program, carries an all-time low interest rate of 3.99%. Palmetto Heroes is intended for teachers, firefighters, law enforcement, administrative personnel in those professions, and first responder EMS and nurses.

“This gives us a chance to offer South Carolinians a real break with rates that are slightly below market,” said Valarie M. Williams, SC State Housing’s Executive Director, “which is historically how this agency has always operated the first-time home buyer program.” Williams said that home prices remain reasonable for first-time buyers so the reduced interest rates should create an ideal situation for borrowing. “We are fortunate that our Mortgage Bond program is structured so that we are able to respond to the economy,” she said.

Persons considering buying a home should ask their lender or real estate agent if they qualify for a loan under the SC State Housing program. Since the Mortgage Bond program’s inception, SC State Housing has made more than 38,000 first mortgages, for a total investment of nearly $2.3 billion. More than 13,000 Down Payment Assistance Loans have been made, accounting for more than $31.6 million.
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