SC State Housing Launches New Tax Credit Program
Nov 27, 2012
?Significant savings benefits for qualified homebuyers
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COLUMBIA, SC - November 27, 2012 - South Carolina homebuyers now have a powerful new tool to make their mortgages more affordable and save thousands of dollars each year that would have otherwise been paid in taxes. The SC Mortgage Tax Credit Program is a Mortgage Credit Certificate Program administered by the South Carolina State Housing Finance and Development Authority (SC State Housing) that provides a federal income tax credit to qualified homebuyers of up to $2,000 per calendar year for every year they occupy the home as their primary residence*.
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The SC Mortgage Tax Credit Program will allow qualified homebuyers to save thousands of dollars in mortgage interest payments by taking a tax credit of 30 percent on their federal income tax ? up to a maximum of $2000 per calendar year.? This could result in substantial savings over the life of a mortgage loan ? savings that the homeowner can keep, rather than paying in taxes.
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Spend A Little! Save A Lot!
The cost of the SC Mortgage Tax Credit is just $500, with lenders being able to charge up to an additional $200 processing fee. The cost of obtaining the credit can be paid by the seller of the home as well.
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Who Qualifies?
To qualify, a homebuyer must meet certain conditions:
- The homebuyer is purchasing a primary residence in South Carolina; AND
- The homebuyer is a first-time homebuyer, has not owned a home in the last three years, or buys a home in a ?targeted? county; AND
- The homebuyer occupies the home as a primary residence; AND
- Household income** falls within the limits established for the county in which the primary residence is being purchased; AND
- The purchase price** is within the limits established for the county in which the primary residence is being purchased.
**Household income limits and home purchase price limits vary by household size and by county. ?
The home may be new construction or an existing single-family home.
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What Type of Loan Can It Be Used With?
The SC Mortgage Tax Credit may be used with Fannie Mae, Freddie Mac, conventional, fixed rate, adjustable rate, FHA, VA and USDA-Rural Development financing.? It is not available for SC State Housing bond-financed loans, FHA 203(k) or USDA 502 direct loans.
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How Does Someone Qualify?
The program is available to homebuyers through a statewide network of qualified lenders. Contact a qualified lender today to determine if you qualify. The lender will submit the application on behalf of the homebuyer. A list of qualified lenders can be found at www.SCHousing.com/MortgageTaxCredit.
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How Does a Lender Become Approved to Offer the Program?
To become a qualified SC Mortgage Tax Credit lending partner, lenders may complete an application and agreement, which can be found at www.SCHousing.com/Lending_Partners or contact Claude Spurlock at 803.896.9396 or Claude.Spurlock@SCHousing.com.
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For additional information regarding the SC Mortgage Tax Credit Program, please visit www.SCHousing.com/MortgageTaxCredit.
About SC State Housing?For over forty years, SC State Housing has created quality affordable housing opportunities for the citizens of South Carolina.? The agency?s vision is that all residents have the opportunity to live in safe, decent and affordable housing.? The agency administers a number of Federal and State programs directed at low and low-to-moderate income South Carolinians.? SC State Housing is self-sustaining and receives no state appropriations.? For more information, visit www.SCHousing.com.
*As long as the Mortgage Credit Certificate has not been revoked.
Source: http://www.midlandsbiz.com/articles/12673/
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