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PALMETTO HEROES PROGRAM The SC State Housing Finance and Development Authority has announced its Palmetto Heroes Program. This program provides a low interest rate of 5.125% AND down payment assistance up to $7,000 to qualified firefighters, EMS, law enforcement personnel and teachers. Combined with the Federal income tax credit of up to $8,000 (through April 30, 2010), a firefighter can get $15,000 in assistance to purchase a home. The program has a limited funding amount of $40 million and is on a first-come, first-serve basis. The demand for this assistance is expected to be high - so don't delay if you are in the market for a home. When the limit is reached, the assistance will not be available. Eligible Palmetto Heroes homebuyers can receive a $7,000 down payment loan. There are two categories of down payment loan. The first is repaid over 5 years beginning 90 days after your first house payment. The second is forgiven over time and totally forgiven if you live in the home for 5 years. A first time home buyer is defined differently depending on the county. In a Targeted County, a first time home buyer is defined as one who does not have ownership in a home at the time of closing. In a Non-Targeted county, a first time home buyer is defined as one who has not had ownership in a home in the past three years. The program has income specific requirements which differ from county to county in SC. For complete details visit SC Housing Authority Palmetto Heroes Program. For more information on the Federal tax credit, please consult with an income tax professional.
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This website does NOT represent the James Island Public Service District or the Official Fire Department of the James Island Public Service District. Site designed and managed by dedicated and proud members of the James Island Fire Department
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