Extended Lock Program with Rate Float Down Option for New Construction
The Extended Lock Program is for first-time home buyers needing to secure a fixed-rate loan on a home that is being constructed. This is not a construction loan or a perm-construction loan, but a takeout loan for a construction loan. See income charts for income requirements and home price limits.
The loan will be registered for 180 days with an option of extending the loan for an additional 90 days if necessary.
The float down option will allow the borrower a one-time rate float down to the Authority's current interest rate anytime prior to the closing date.
- Example 1: Borrower will first secure a construction loan not to exceed a 12-month term. The construction of the home will be paid off by the Authority permanent financing.
- Example 2: Borrower is purchasing a home being built in a subdivision. SC State Housing's permanent financing will be used to purchase the home from the builder upon completion.
Equal Housing Opportunity