The State Housing Finance and Development Authority has announced an allotment of about $40 million to assist teachers, police officers, fire fighters, and first responders with buying a home. This program, known as Palmetto Heroes, will offer down payment assistance and/or low interest mortgages to first time buyers that are either; teachers, firefighters, police officers, correctional officers, and EMS workers who fall within specific income criteria.
Buyers will apply for this product as they would any home mortgage, but the funding for the loans will come from bonds the SC State Housing has liquidated. The income qualifications are dependent of location of the home and the number of individuals that will be living in the home...among other requirements. Below are some of the requirements based on occupation:
Teachers must have a South Carolina Teachers Certificate and be employed as a classroom teacher or have a contract, to receive a paycheck and begin teaching, within 60 days of closing on the home.
Police Officers must be a full-time employee with the Local or State Government. This includes correctional officers with the SC State Department of Corrections.
Fire Fighters and EMS must be a full-time employee with the Local or State Government.
For more information you can visit the SC State Housing Authority online: