SC's Palmetto Heroes program offers:
Correct Answer
B) Below-market mortgage rates and down payment assistance for law enforcement officers, firefighters, EMS personnel, teachers, and veterans
SC Housing's Palmetto Heroes program provides below-market interest rates and down payment assistance for qualifying public servants including law enforcement officers, firefighters, EMS personnel, teachers, and veterans. Eligible occupations and program terms are subject to change; applicants should verify current criteria at the SC Housing website (schousing.com).
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Related Topics & Key Terms
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Related Concepts
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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