With down payment assistance programs going extinct in October, Carolina One Mortgage is focused on providing alternative home-buying solutions for South Carolina home buyers. Know that if you have the will to buy a house, there is usually a way. Here are a couple of new (or forgotten) options for buyers who qualify. Call me for more information.
1. With the industry changes that are coming about this loan is gaining popularity. This is a 30-year loan with 100% financing and NO MORTGAGE INSURANCE!!
HIGHLIGHTS
- No mortgage insurance
- No credit score limits
- 100% financing
- Competitive interest rates
REQUIREMENTS
- House must be eligible for the program. Check www.eligibility.sc.egov.usda.gov for addresses.
- Borrower cannot have any collections in the last 12 months
- Judgments against the borrower must be paid off for at least 12 months
- May not be used for mobile homes
2. STATE HOUSING
There are several different loan programs to accommodate different buyers. We’ll focus on the first-time home buyer loan and the single parent loan. They offer down payment assistance based on income and location of property. Berkeley and Dorchester County are both considered targeted areas and allow for down payment assistance. State housing is broken down into three categories known as tiers. Tier 1 allows for $2k down payment assistance with a repayment at 4%. Tier 2 allows for $4k down payment assistance that is forgivable and $2k that is repaid at 4% over three years. Tier 3 offers $4k forgivable. Rates vary from 6.0% to 6.625%.
HIGHLIGHTS
- Tier 1: borrower income max is $70,080
- Tier 2: single borrower up to $32,700
- Down payment assistance
- Lower interest rates than most loans
- 97% financing
NOTE
- Borrower must have a 620 credit score
- Borrower can not own other properties
- Borrower must meet income guidelines
- Loan has reduced mortgage insurance compared with typical conventional loans
Visit www.schousing.com or call me for more information on these loans.
FHA down payment assistance programs should be saved. These programs help people achieve the dream of homeownership. Without these programs low to moderate income families will have less of chance of homeownership.
I know this site is disclosing other options to buy homes but why is our government trying to fix something that is not broken.
Please think of our future and make your VOICE heard. Tell your story and help save seller-funded downpayment assistance. Click the link and share your experience of how downpayment assistance programs have helped you realize the dream of owning your own home.
http://www.dpagroundswell.org/help/tell.cfm
I’m intrested to see what will replace the downpayment assistance programs. it seems like in my area owner financing and more creative financing is getting more popular