Roger Biede Executive Director | Greater Florence Chamber of Commerce
Roger Biede Executive Director | Greater Florence Chamber of Commerce
SPC Credit Union's SPC Cares Foundation has introduced a new Down Payment Assistance Program, aiding individuals like Julia W. and her mother in transitioning from renters to homeowners in Effingham. The program was approved by the credit union's board in late 2024 to assist prospective homeowners in overcoming the challenge of a significant down payment.
The initiative offers zero-percent interest forgivable loans for first-time homebuyers, defined as those who have never owned a home or have not owned one in the past three years. Qualified applicants can receive up to $5,000 for down payment and/or closing costs.
To qualify, applicants must be first-time homebuyers with a credit score of at least 620. They must complete an online Fannie Mae Home Ownership course and earn a certificate. Additionally, they need to be at or below 100% of the Area Median Income (AMI), have $2,000 of personal funds available for down payment or closing costs, and complete an approved mortgage loan application with SPC Credit Union.
Upon approval of the program, SPC’s Mortgage Lending Team actively sought out qualified mortgage applicants who met these criteria.
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