$40M homebuyer program announced
Wed, 03 Mar 2010 18:40:57 GMT —
South Carolina housing officials have $40 million to help teachers and first responders buy a home.
The State Housing Finance and Development Authority announced Wednesday a program that will offer down-payment assistance and low-interest mortgages to teachers, firefighters, police and correctional officers and EMS workers who meet income criteria.
Customers will apply for the loans just like they would any home mortgage, but the money for the loans will come from bonds the housing agency has sold.
Maximum income levels for borrowers vary depending on where a person lives and the number of people living in the home. In Beaufort County, applicants must make less than $79,000 and can buy up to a $285,000 home.
For more on this story, read a report from WACH FOX's Jerrita Paterson.