City Of Beaufort Employer Assisted Housing Program

What is City Of Beaufort Employer Assisted Housing Program?

City Of Beaufort Employer Assisted Housing Program is a forgivable loan for homebuyers in Beaufort, South Carolina.

• Employer-assisted housing program for full-time City of Beaufort municipal employees. Up to $20,000 forgivable second over 5 years at 0% interest.
• The City of Beaufort Employer Assisted Housing Program (EAH) is a partnership between the City of Beaufort and Community Works to provide forgivable down payment assistance to full-time City of Beaufort municipal employees purchasing a home. Up to $20,000 in DPA is structured as a 0%-interest forgivable second mortgage, forgiven over 5 years of continued owner-occupancy and continued employment with the City. Eligible loan products include FHA, VA, USDA-RD, and conventional. Borrower must complete HUD-approved homebuyer education prior to closing.
• Funding comes from Employer and CDFI.

Do you have to pay it back?

City Of Beaufort Employer Assisted Housing Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven over 5 years of continued owner-occupancy. Unforgiven balance due on sale, refinance, transfer, non-owner-occupancy, or termination of City of Beaufort employment before 5 years.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City Of Beaufort Employer Assisted Housing Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

City Of Beaufort Employer Assisted Housing Program limits household income to $280,900.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City Of Beaufort Employer Assisted Housing Program caps the purchase price as follows: No CW-specific sales price cap; conforming loan limit applies via first-mortgage product.

• Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

City Of Beaufort Employer Assisted Housing Program names law enforcement officers and firefighters among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

City Of Beaufort Employer Assisted Housing Program serves buyers purchasing in Beaufort, South Carolina.

How do you apply?

Applications for City Of Beaufort Employer Assisted Housing Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Community Works HUD-approved homebuyer education and one-on-one counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application submitted directly to Community Works at time of pre-approval., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.