The Palmetto Home Advantage Program is SC Housing’s mortgage program designed for both first-time and move-up borrowers. The program offers FHA, VA, and USDA government loan options and Fannie Mae and Freddie Mac conventional options - all with forgivable down payment assistance. There are no first-time homebuyer requirements and new and existing homes are eligible for qualified borrowers with credit scores of 640 or higher.
Palmetto Home Advantage offers buyers a market rate loan with down payment assistance of 0%, 4%, or 5% of the loan amount. The program is not only available for first time homebuyers but repeat and move-up buyers qualify too! The income limit for government loans is $101,000.00 (use qualifying income not total household income). Sales price and loan limits follow FHA, VA and USDA guidelines.
Palmetto Home Advantage offers buyers a market rate loan with down payment assistance of 0%, 4%, or 5% of the loan amount. Conventional loans offer reduced mortgage insurance rates (18%) with the ability to cancel the mortgage insurance once certain requirements are met. Maximum borrower income limit is 80% of Area Median Income (AMI) as determined by Fannie Mae or Freddie Mac (use qualifying income not total household income).
For additional information and to see if you qualify, contact one of our approved lending partners.
For full details, please read our Palmetto Home Advantage Program Handout.
Are you a lender interested in the Palmetto Home Advantage program?
Check out this training video from our master servicer, Lakeview Loan Servicing, if you’re a lender looking to learn more about how the Palmetto Home Advantage program can help your customers.