2015 First Time Home Buyer Programs for South Carolina Extended Lock with Rate Float Down Option for New Construction Extended Lock with Rate Float Down Option for New Construction Program provides an extended rate lock period and allows up to one float down to preserve affordability on a newly constructed home. The extended lock is subject to the same income requirements and home price limits as the Homeownership Program. Qualified buyers in South Carolina may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. SC Mortgage Tax Credit SC Mortgage Tax Credit offers home buyers a federal income tax credit up to $2,000 per year. The amount of the credit is equal to 30 percent of the mortgage interest paid each year that you keep your loan. The credit costs $500, which may be paid by the seller. The lender may charge a $200 processing fee. Qualified buyers in South South Carolina Homeownership program South Carolina Homeownership program centers on down payment assistance in conjunction with a fixed rate first mortgage (conventional, FHA, USDA) at a competitive market rate for low to moderate income homebuyers. The other advantage, besides the affordable rates, is lower mortgage insurance costs. Borrowers can qualify for up to $5,000 in down payment or closing cost assistance. If you are above 80 percent of the median income in your area, the money comes in the form of a repayable second mortgage loan. If you are at or below the 80 percent of the median income in your area, the loan is a forgivable second mortgage. Qualified buyers in South Carolina may USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply http:/buyerprograms.net/South-Carolina