Some of those incentives are available regardless of what you do for a living. It's the combination of incentives and downpayment help that are reserved for "Palmetto Heroes" in the enhanced program administered by the
State and local law enforcement officers, firefighters, teachers, nurses and aides, emergency medical technicians and paramedics, corrections officers, and veterans who served on active duty all may qualify.
'Heroes' and more
There are limits on how much you can earn, and how much your house can cost, but they're pretty generous. For example, a couple in
Let me point out that if you don't work in a "hero" profession, you can still qualify for incentives.
There's the mortgage credit certificate program that allows buyers to get a federal tax credit rebating 30 percent of the mortgage interest they pay, up to
For those looking for assistance who aren't "heroes" other programs offer up to
These incentives are meant to help buyers with upfront costs, and to help the building industry. Unless borrowers have low incomes, the money must be repaid with interest.
So, here's what qualifying homebuyers can get:
A mortgage credit certificate. This qualifies a buyer for a federal tax credit of up to
A mortgage interest rate of 4 percent on a 30-year loan.
Here are the household income limits for our local counties.
In all three counties, the maximum home price is
Those and other rules and income limits apply for Palmetto Heroes, the other downpayment initiatives and to the mortgage credit. In each case, it's necessary to work with an approved lender.
A list is at schousing.com.
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