How to Buy a Home Using South Carolina Housing

Hey Everybody this is Brian Modansky
of the Modansky Homes Team at Keller Williams Realty Charleston Mount
Pleasant your own local Charleston Real Estate Expert. I published a new video
every week,so subscribe and hit the bell button to be notified of when my new
videos release and remember to like this video as well. Today I want to talk to
you about how programs from South Carolina’s Housing can help you buy a
home. South Carolina Housing has assisted
thousands of South Carolinians in purchasing a home. They offer a wide
variety of mortgage options from FHA to VA to USDA to Conventional financing to
make owning your own home affordable. South Carolina Housing offers
competitive mortgage loans and down payment assistance to help familiesand individuals become homeowners. South Carolina Housing offers fixed
rate mortgage loans combined with money for the down payment and closing costs.
Currently South Carolina Housing does not offer a refinancing program for its
borrowers. So far to this date more than 41,000 families have used a simple
straightforward South Carolina Housing loan to buy their first home. With a
loan from South Carolina Housing you get : 1) An affordable interest rate fix for the
life of the loan 2) Money for the down payment and closing costs 3) No
hidden fees or other surprises 4) South Carolina Housing rates are subject
to change daily. Feel free to contact me to get a list of South Carolina’s
Housing participating lenders. South Carolina Housing Homebuyer Program is
one that’s affordable and consistent over the long term. Loans from South
Carolina Housing offer low fixed interest rates and down payment
assistance. For many people considering a first home purchase saving enough money for the down payment and all the other costs can be the toughest challenge.
South Carolina Housing understands this and they are there to help you meet the
challenge with a variety of down payment assistant
programs. The first program we’re gonna go over is the Palmetto Home Advantage
Program. Why choose the Palmetto Home Advantage Program the Palmetto Home
Advantage Program is South Carolina’s newest mortgage program. It’s designed to serve both first-time and move up borrowers. It’s a Freddie Mac or Fannie Mae conventional mortgage offering 0%, 3%, 4% or 5% forgivable down payment assistance with no
first-time homebuyer requirements and reduced mortgage insurance coverage for
lower monthly payments and it’s for new and existing homes. So this loan comes
with conventional ease and flexible options. It’s for borrowers with credit
scores of 640 and higher and offers cost savings over the long term. Mortgage
insurance may be cancelled, but there are certain restrictions that apply. Refer to
the Palmetto Home Advantage Program guide for qualifying income limits. Another amazing program from South Carolina Housing is the Palmetto Heroes
Program. Now, currently funds for the 2019 program have already been used up. Details for the 2020 program should be available soon.
Palmetto Heroes qualified participants are corrections officers, firefighters,
law enforcement officers, nurses, certified nurse’s aides, paramedics, EMTs
South Carolina National Guard, teachers and veterans. So if you’re in one of
these qualified occupations and considering buying a home, don’t wait,
contact me to take advantage of this special program in the coming year. So
South Carolina Housing has another program that can be used in conjunction
with any loan with a lender that’s participant it’s called the Mortgage Tax
Credit Certificate. A Mortgage Tax Credit Certificate allows a home buyer with a
tax liability to take a federal income tax credit for a portion of their annual
interest paid on their mortgage loan for a primary residence. A tax credit cannot
exceed the actual tax liability for the calendar year. Taxpayers may take a
credit up to $2,000 per year whether you itemize your tax return or not, for
as long as you live in the home. Now the only time you can get a tax credit is
prior to the closing on the loan. Once you’ve closed on your home your lender
cannot apply for this tax credit. Now the tax credit certificate does cost $800
and can often be paid by the seller in the closing costs. The great part about
the mortgage tax credit program is that you don’t need a home loan through South Carolina Housing to take advantage of the program. It just needs to be obtained
prior to the closing. You can’t get a new certificate after you’ve closed on the
home, remember this. So if this is something you’re thinking about applying for, make
sure you have a conversation with your lender prior to closing. Don’t forget I
published a new video every week and be sure to subscribe and hit the bell
button to be notified when my new videos are released and remember to hit the
like button on this as well. So if you’re ready to buy a new home and need a
Realtor to talk to feel free to call me at (843) 628-8910, so we can get you into that new home. Thanks Everybody you

10 thoughts on “How to Buy a Home Using South Carolina Housing

  1. the Palmetto Home Advantage Program, Palmetto Heroes Program and the Mortgage Tax Credit Certificate are great ways to assist buyers in South Carolina.

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