SC Housing lends thousands to new home buyers

COLUMBIA, SC (WMBF) – Are you looking to buy a new home? The excitement of buying a new home is hard to contain, and now SC State Housing is ready to give you a leg up.

The first step to home ownership is making that down payment, and the South Carolina State Housing Finance and Development Authority has announced a new initiative to apply some serious cash toward making your dreams come true.

The New Construction Initiative would give $6,000 to qualified home buyers in South Carolina to apply toward down payments and closing costs to purchase a newly constructed home.

SC State Housing hopes this program will bring new home buyers closer to home ownership, and also boost the building industry in South Carolina.

"Homebuilders and the home construction industry mean jobs, revenue and stronger communities for our state," said Mark Nix, Executive Director of the Home Builders Association of South Carolina.

"When the home building industry does well, the whole economy benefits. We don't just build houses; we build jobs, and we build communities," Nix adds.

The program also provides a low, fixed four percent interest rate; however that rate is even lower for teachers, nurses, law enforcement officers, firefighters, veterans, correctional workers and EMS workers who may qualify for a 3.5 percent interest rate through the SC State Housing's Palmetto Heroes program.

"Our home ownership programs are focused on driving investment in South Carolina and improving our economy," said SC State Housing's Executive Director Valarie M. Williams. "This program will help the homebuilders create new jobs, real estate professionals make more sales and families and individuals build the equity that owning a home makes possible."

Borrowers must meet SC State Housing income, home price and credit requirements. SC State Housing at 803-896-9009 for all the details.

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