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“Being able to afford a home is a growing concern for everyone in our state,” said Valarie Williams, SC State Housing’s Executive Director. “But it can be especially tough for some of our workers who have the jobs that are critical to our safety and our children’s futures.” She said the Palmetto Heroes program might even strengthen recruitment and retention in these career choices, vital to our state’s overall wellbeing.

“It’s important that we salute these Palmetto State heroes and invest in them,” said T. Scott Smith of Sullivan’s Island, principle and president of WRS Real Estate Investments, and SC State Housing’s Chairman of the Board. “This is just one way SC State Housing can recognize these dedicated individuals who contribute so much to our state.”

Palmetto Heroes is available to teachers, law enforcement officers, firefighters and EMS personnel who are currently certified in their profession, and reside and work in South Carolina or have a contract to begin working here within 60 days of closing on a home.

Eligible Palmetto Heroes home buyers can get a 5.125% interest rate through SC State Housing’s First-time Home Buyer Program as well as the down payment assistance loan of up to $7,000 which could even be forgivable over time, depending on the borrower’s income.

The program may include a grant from South Carolina Realtors®, to help each of the first 300 participants with incidentals associated with purchasing a home.  “Too often, these professionals cannot afford to live in the hometowns they serve – this program will bring our Palmetto Heroes back home. South Carolina’s Realtors® are honored to help those who serve and protect our communities realize the American Dream of Homeownership,” said Nick Kremydas, CEO of SC Realtors®.

Mortgage loans can be up to 30 years and are available through any of SC State Housing’s network of more than 200 participating private sector lenders and brokers statewide. Maximum income limits are based on the median income per county and household composition. The Palmetto Heroes Program may not be used for refinancing.

SC State Housing offered a similar initiative two years ago, with a $20 million investment for teachers. It was wildly successful and loan reservations were completed within six weeks, so demand is expected to be high. For more information, contact a Realtor® or SC State Housing at 1-800-432-5007 or visit the agency’s website: www.schousing.com. 

SC State Housing officials hope the term “first-time” will not discourage potential home buyers because the definition is very broad.  For example, in 34 targeted counties (Abbeville, Allendale, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Charleston*, Cherokee, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Hampton, Horry, Jasper, Kershaw, Laurens, Lee, McCormick, Marion, Marlboro, Newberry, Orangeburg, Saluda, Sumter, Union, Williamsburg *County Census Division #53, Ravenel Division) the provision is waived altogether as long as you do not have title to another home when you close on your new loan. Even in non-targeted counties (Aiken, Anderson, Charleston, Greenwood, Greenville, Lancaster, Lexington, Oconee, Pickens, Richland, Spartanburg, York) a first-time home buyer is someone who has not owned a home in the last three years. Also, buyers moving from a non-targeted area into a targeted area may qualify so long as they do not own a home at time of closing and meet the other qualifications for home price and family income.

SC State Housing is a self-supporting agency of state government and does not receive a state appropriation.