The South Carolina State Housing Finance and Development Authority and the South Carolina Department of Education announced a joint $20 million initiative that will offer low-interest home loans to South Carolina teachers and also assist with down payment assistance.

The Palmetto Hero Program is an initiative of the South Carolina State Housing Authority in partnership with the South Carolina Department of Education and will offer assistance to eligible teachers hoping to purchase their first homes. The Authority will make $20 million in fixed rate mortgage loans for South Carolina teachers. The goal for this special program and partnership is to not only open the door to homeownership for many of our educators, but assist in attracting and maintaining additional educational talent to our state.

The program is available to teachers who have valid South Carolina teacher certifications, currently reside and teach in the state or have a contract to begin teaching here within 60 days of closing on a home.  Eligible teachers can get a 5.875 percent initial interest rate through the First Time Homebuyer Program.  In addition, teachers who qualify based on income can take advantage of one of two down payment assistance loans.

Mortgage loan terms can be up to 30 years and are available to qualified buyers through any of the Authority’s more than 200 participating lenders or brokers statewide.  Maximum income limits, based on median income per county, range from a low of $16,300 to a high of $73,800.  Maximum purchase price limits for new construction as well as existing homes range from $180,144 to $284,050, also depending on county. The current rate is subject to change due to market conditions.  These loans cannot be used for refinancing.

For more information on this limited offer, contact South Carolina State Housing at 1-800-432-5007 or (803) 896-9508.  Hearing and/or speech-impaired individuals may use the Authority’s TTY line (803) 896-8831.

The State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to taxpayers.