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South Carolina State Housing Finance and Development Authority

South Carolina State Housing Finance and Development Authority. Homeownership Mortgage Loan Program 2008. First Mortgage Program. 97 % Max Loan to Value Below Market Rates Conventional Loans/FHA/Rural Housing First Time Homebuyers per SHA reg. Targeted Counties.

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South Carolina State Housing Finance and Development Authority

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  1. South Carolina State HousingFinance and Development Authority Homeownership Mortgage Loan Program 2008

  2. First Mortgage Program 97 % Max Loan to Value Below Market Rates Conventional Loans/FHA/Rural Housing First Time Homebuyers per SHA reg

  3. Targeted Counties Borrower Cannot Have Ownership in Principle Residence at Time of Closing 1 Year Tax Returns Required

  4. Georgetown • Hampton • Horry • Jasper • Kershaw • Laurens • Lee • McCormick • Marion • Marlboro • Newberry • Orangeburg • Saluda • Sumter • Union • Williamsburg • Charleston • #53 RAVENEL DIVISION ONLY) List of Targeted Counties Abbeville Allendale Bamberg Barnwell Beaufort Berkeley Calhoun Cherokee Chester Chesterfield Clarendon Colleton Darlington Dillon Dorchester Edgefield Fairfield Florence

  5. Non-Targeted Counties List of Non-Targeted Counties Borrower Must not Have had Ownership in Principle Residence in the Past 3 Years 1 Years Tax Returns Required • Aiken • Anderson • Charleston • Greenwood • Greenville • Lancaster • Lexington • Oconee • Pickens • Richland • Spartanburg • York

  6. Property Eligibility, Single Family Stick Built, Town Homes, Condominiums and New Off Frame Modular (pre-approval required by SCHA) No Prepayment Penalty Assumable Federal Recapture May Apply (SCHA will reimburse the entire amount if applicable) Down Payment Assistance Available with First Mortgage When forgivable assistance is used the property must meet minimum FHA building guidelines. 6 % Sellers Concessions are Allowed - verify with your MI Rep. if 6% is allowed

  7. 620 Minimum Median Credit Score • Loan Term 15~20~25~30 years • Down Payment 3% Minimum

  8. CATEGORY I - 80% Median Income Program $5000 Down Payment Assistance Available Repayable DPA is Deferred for 36 Months and Comes Due on the 37th Month $5000 at 4% Interest, Payment Amount is $92.08 for a 60 Month Term. (Interest Free During the Deferment Period; if Property is Sold Prior to Satisfaction of Loan the Balance will be Included in the Payoff) Check Web-Site for Current Rates Maximum Income and Sales Price Applies (See Tier I Income Charts)

  9. CATEGORY II – 50% - 80% Median Income $5000 Down Payment Assistance $2000 Deferred Repayable $3000 Forgivable Check Web-Site for Current Interest Rates Borrower Must Complete Homebuyers Education and Maintenance Training (MI Companies Offer Training Online and Home Study; Available in a Variety of Languages Free for SCHA Borrowers)

  10. CATEGORY III – 50% and Below Median Income $5000 Forgivable DPA Loan is Forgiven at 20% per Year for 5 Years If Borrower Sells Property Prior to 5 Year Term the Balance will be Due in the Payoff Check Web-Site for Current Interest Rates Borrower Must Complete Homebuyers Education and Maintenance Training MI Companies Offer Training Online and Home Study; Available in a Variety of Languages Free of SCHA Borrowers

  11. APPRAISAL REQUIREMENTS • WHEN BORROWER USES DOWN PAYMENT ASSISTANCE THAT IS FORGIVABLE THE FOLLOWING STATEMENT MUST BE ON THE APPRAISAL • THIS PROPERTY DOES MEET MINIMUM FHA BUILDING GUIDELINES

  12. Explanation of DPA Repayable DPA is Deferred for 36 Months and Payments Beginning on the 37th Month $2000 at 4% Interest, Payment Amount is $36.83 for a 60 Month Term Interest Free during the Deferment Period; If Property is Sold Prior to Satisfaction of Loan the Balance will be Included in the Payoff Forgivable Loan is Forgiven at 20% per Year for 5 Years If Borrower Sells Property Prior to 5 Year Term the Balance will be Due in the Payoff

  13. Single Parent Program The First Time Homebuyer Rule is Waived for all Single Parents Single Parents in CATEGORY I Income will be Given an CATEGORY II Interest Rate

  14. Disability Program Borrowers that Have a Family Member Living in the Household that is 100% Disabled is Considered a First Time Homebuyer These Borrowers will be given the CATEGORY III Interest Rate Down Payment Assistance will be Given According to the Appropriate Income tier

  15. WE LOOK FORWARD TO ANOTHER YEAR OF PUTTING SC RESIDENTS IN HOMES THAT THEY CAN REMAIN IN!THANK YOU ALL FOR COMING

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