If you're a first-time homebuyer looking to purchase in Myrtle Beach or the surrounding areas in South Carolina, you're in luck! United Community Bank is offering a fantastic down payment assistance program that could be the key to owning a home. Here’s everything you need to know about this amazing opportunity.
Program Overview
United Community Bank’s Down Payment Assistance Program is designed to make homeownership more accessible for first-time buyers. Here are the key details.
Assistance Amounts
- Earn up to $45,500 annually and receive up to $12,500 in assistance.
- Starting June 1st, earn between $45,551 and $68,300 annually and receive up to $15,000 in assistance.
The funds can be applied towards:
- Reducing your mortgage interest rate
- Covering closing costs
- Making your down payment
Requirements:
- Buyers must contribute a minimum of $1,000 towards the purchase. This can include the earnest money deposit.
- The property must be occupied as the buyer's primary residence.
- Completion of a homebuyer education and financial literacy course is mandatory.
Why Choose This Program?
1. Generous Assistance: With up to $15,000 available, this program provides substantial help towards purchasing your first home, making the dream of homeownership more achievable. It also does not require the seller to contribute so it allows you to make a strong offer and have negotiating power as a buyer.
2. Flexibility in Use: Whether you need to lower your interest rate, cover those closing costs, or secure your down payment, this assistance is versatile to suit your needs.
3. Non-Profit Grant: This is a grant, not a loan, meaning you don't have to worry about repayment, and it doesn’t require any assistance from the seller.
Steps to Apply
1. Double Check Your Eligibility: Verify that your income and home purchase plans meet the program requirements.
2. Prepare Your Contribution: Ensure you have the minimum $1,000 ready for your home purchase.
3. Contact Matt Burns with United Community Bank to answer any questions that you have and get started..
4. Contact Us to begin your home search!
*This is not an endorsement or promotional solicitation for United Community Bank. Faircloth Real Estate Group is not being compensated in ANY WAY for this information and there is no agreement, written or implied, between United Community Bank and Faircloth Real Estate Group. This is us sharing information about a cool loan program with you that could be helpful. Buyers are ALWAYS able to choose any lender and/or loan program that they wish to choose and are not obligated in any way to use Matt Burns, United Community Bank, or Faircloth Real Estate Group. information provided in this blog are deemed accurate but not guaranteed.
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