State housing agency adds $2M to homebuyer program
Tue, 31 Aug 2010 20:57:26 GMT —
A program to provide low-interest home mortgage loans and downpayment assistance for South Carolina teachers and emergency workers to buy their first home has been expanded to include administrative personnel in those fields.
The State Housing, Finance and Development Authority of South Carolina said Tuesday about $2 million has been added to the remaining pool of money and interest rates were reduced to 4.5 percent from about 5 percent.
Authority spokesman Clayton Ingram says about $27 million of the original $40 million set aside for the program has been used. Of the 200 or so borrowers approved for loans, 100 have closed on their homes.
The state Realtors group contributed $78,000 to bolster downpayment assistance by $500 to $7,500 for lower income applicants.