2019 Palmetto Heroes Program Details

SC Housing is pleased to introduce the Heroes selected for the 2019 Palmetto Heroes program. They include first responders and community service personnel in the fields of law enforcement, corrections, firefighting, emergency medical services, education, and health care as well as members of the SC Army National Guard, SC Air National Guard and veterans of the U.S. Armed Forces.

This program offers FHA, VA, USDA and Conventional financing with a competitive fixed interest rate and down payment assistance. All approved Lending Partners are eligible to participate in this year’s program. Lenders are encouraged to consult the SC Housing Homebuyer Program Guide and Manual for additional details. Borrowers must have a fully executed sales contract for the purchase of a home prior to locking the interest rate.

Palmetto Heroes 2019
Eligible Heroes Borrowers must be employed in SC and meet SC Housing’s First-Time Homebuyer requirements and underwriting guidelines.

Law Enforcement Officers – Borrower must be employed full-time as a state or local law enforcement officer (as defined by the SC Law Enforcement Training Act) and must be certified by the Law Enforcement Training Council as of the date of the loan application.

Firefighters, EMTs and Paramedics – Borrower must be employed full-time as a firefighter, emergency medical technician (EMT) or paramedic (or be a volunteer firefighter) with a state or local government agency. EMTs and paramedics may be employed by a company contracted by a state or local government agency to provide emergency medical services.

Correctional Officers – Borrower must be employed as a full-time corrections officer for the South Carolina Department of Corrections, SC Department of Juvenile Justice, or with a state, county or municipal detention center.

Teachers – Borrower must be employed as a full-time classroom teacher (or have a contract to begin teaching) and must have a South Carolina Teacher Certification. Teachers with new contracts must be scheduled to receive their first paycheck within 60 days of loan closing.

Nurses – Borrower must be a registered nurse (RN), licensed practical nurse (LPN), or advanced practice registered nurse (APRN) and be licensed with the SC Board of Nursing. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.

Certified Nurse Aides (CNA) – Borrower must have a Nurse Aide Certification and be listed on the SC Nurse Aide Registry. Borrower must be employed full-time in a hospital, doctor’s office, school or other medical facility.

SC National Guard Members – Borrower must be a member in good standing of the SC Army National Guard or the SC Air National Guard as of the date of loan application. Enlistment must be documented with a statement of service.

Veterans – Borrower must have served on active duty in the U.S. Armed Forces (other than active duty for training) and received a discharge other than dishonorable within the past 25 years. NOTE: Eligible veterans cannot have an ownership interest in another principal residence at the time of loan closing.
Income and Sales Price Limits Sales price and income limits are county-specific and are subject to change without notice. Refer to the SC Housing Homebuyer Sales Price and Income Limits located in Lender Online.

Please refer to the SC Housing Homebuyer Manual for detailed information on how to calculate Household Income for program compliance.
Reservation/Rate Lock Rate locks will be accepted from 10:00 AM - 6:00 PM Monday - Friday; excluding state recognized holidays and days that the US Financial Markets are closed for business. Rates are posted daily at https://lol.schousing.com and are subject to change without notice. Borrowers must have a fully executed sales contract for the purchase of a home prior to locking the interest rate.

Rate Lock Periods
  • 60 days – Existing Construction
  • 120 days – New Construction
  • The Float-Down Option for New Construction is not available on this program
  • Funds are limited and available on a first come, first served basis
  • Once funds are exhausted, reservations will be closed
Federal Recapture SC Housing Homebuyer Program first mortgage and DPA loans are subject to Federal Recapture. SC Housing will reimburse any borrower that is required to pay a recapture tax to the IRS.
Delivery Requirements All SC Housing Palmetto Heroes loans must be delivered to SC Housing within 15 days of closing. Palmetto Heroes loans must close and be delivered in purchasable form to SC Housing no later than 12/31/2019.
SC Housing Contact Information Lender Help Desk 803.896.2211
mortgage.production@schousing.com

Underwriting Questions/File Submission and Status Updates
under.writing@schousing.com
2019 Federal Home Loan Bank Atlanta Community Heroes Grant Program
FHLBank Atlanta Community Heroes This year SC Housing is pleased to offer additional down payment assistance of $2,000 through the Federal Home Loan Bank of Atlanta Community Heroes Program. In order to participate, approved lenders must also be shareholders with the FHLBank of Atlanta. Borrowers who meet the requirements of both programs may be eligible for a total of $8,000 in down payment assistance. Lenders should consult with FHLBank Atlanta to determine eligibility to participate in the additional funding.
Qualifying Borrowers Borrowers who are actively employed in one of the following fields are eligible to participate in the additional assistance offered by FHLBank Atlanta Community Heroes program.

  • Law Enforcement Officers, Fire Fighters, EMT’s and Paramedics
  • Correctional Officers
  • Public School K-12 teachers
  • SC National Guard Member
The following professions are not eligible for the additional FHLBank Atlanta Community Heroes assistance – former or retired first responders, private school teachers, nurses, CNA’s or veterans.
FHLB Matching Funds (Grant) Matching funds: The FHLBank Atlanta Community Heroes Grant Program is a 3:1 match

Borrower(s) who qualify for $6,000 in down payment assistance through Palmetto Heroes, may also qualify for an additional $2,000 through the FHLBank Atlanta Community Heroes Program, for a total of $8,000.

In addition to the program requirements outlined in the SC Housing Homebuyer Program Guide, lending partners must follow all requirements established by the FHLBank Atlanta Community Heroes program. Assistance received under FHLBank Atlanta Community Heroes grant program is not repayable, is not a lien and is not recorded.

No other down payment assistance or grants are allowed under this program.
Income and Sales Price Limits In order to receive the additional FHLB Atlanta Community Heroes grant funds, borrower(s) must comply with the SC Housing Homebuyer Program >80% Income and Sales Price limits.
Homebuyer Education All borrowers utilizing the additional assistance offered under the Community Heroes program must complete Homebuyer Education through the FHLBank Atlanta’s approved counseling agency Clearpoint.
Disclosure of Community Heroes Grant Funds The FHLBank of Atlanta Community Heroes Grant funds must be disclosed to the borrower(s) in both the Loan Estimate (LE) and Closing Disclosure (CD). The Grant funds are not a lien and are not repayable. SC Housing will not advise lenders on how the grant funds should be disclosed, but will review and confirm the funds were disclosed.
Automated Underwriting The FHLBank Atlanta Community Heroes grant funds must be included and reflected in the AUS submission and findings respectively.
Grant Funding/File Submission to FHLB Atlanta At least five (5) days prior to closing lenders must submit the following documents to FHLB Atlanta to obtain the $2,000 grant funds. FHLB will wire the funds to the Shareholders account 48 hours prior to closing.

  • Initial CD - must evidence both the SC Housing $6,000 DPA and FHLB $2,000 matching funds
  • First mortgage CD - must evidence both the SC Housing $6,000 DPA and FHLB $2,000 matching funds
  • SC Housing Community Heroes Fund Homebuyer/Homeowner Certification Form – SC Housing will issue the Cert. with the COE once qualifying occupation and income is confirmed
  • Homebuyer Education Certificate from Clearpoint
FHLB Atlanta QC File Review FHLB Atlanta may request certain documentation (income) be submitted by the lender for quality control purposes on a sample of select loans. FHLB Atlanta will contact participating lenders directly for these requests.
FHLB Atlanta Approved Shareholders Currently the following lenders are shareholders and approved with SC Housing

Ameris Bank Branch Banking and Trust C&F Mortgage Corporation
CBC National Bank Mortgage
(dba First Federal Bank)
Citizens Bank Fidelity Bank
First Citizens Bank First Community Bank First Reliance Bank
North State Bank Regions Bank Security Federal Bank
South State Bank Southern First Bank SRP Federal Credit Union
Synovous Bank Towne Bank United Community Bank
Uwharrie Bank