Home Buying is fun and exciting, but sometimes the financials can knock some wind out of your sails. As our home buying series continues, I spoke with Amy Osborne with Presidential Bank Mortgage about another option to help you if you’re coming up a little short on down payment or closing costs.
1 – This grant is available for first time home buyers, but that doesn’t mean you’ve never owned a home before. In SC, a first time home buyer is defined as someone who has not owned a home in three or more years. As a first time home buyer, you may be eligible for up to $12,500 in down payment and closing cost assistance.
2 – The home buying grant isn’t just for first time home buyers. If you’re a Community Partner, i.e. a policeman, fireman, educator, health care worker, etc., you may qualify as well. Amy has put together a complete list of the community partners that qualify and you can see that below.
3 – The grant is a forgivable loan. As long as you live in your home for at least 5 years, you do not have to repay any of the money you are given. It is prorated, so if you decide to sell prior to five years of ownership, you will have to pay some of it back. For example, if you sell or refinance in four years, you will have to pay back 1/5 of what you received.
4 – The grant money can be used toward your down payment, closing costs, reducing your loan amount, or any combination of those things. That’s different than many other options, which require you only use it for down payment.
There are household income limits and a few other requirements you must meet, so make sure you reach out to Amy Osborne and Presidential Bank Mortgage to discuss your specific financial information and to determine if this grant will help get you into your very own home.
