City Of Goose Creek Employer Assisted Homebuyer Program

City Of Goose Creek Employer Assisted Homebuyer Program is a forgivable loan for homebuyers in Goose Creek, South Carolina. Employer-assisted housing program for full-time City of Goose Creek municipal employees. Up to $7,500 forgivable second over 5 years at 0% interest. Property must be in Goose Creek city limits. The City of Goose Creek Employer Assisted Homebuyer Program (EAH) is a partnership between the City of Goose Creek and Community Works to provide forgivable down payment assistance to full-time City of Goose Creek municipal employees purchasing a home within Goose Creek city limits. Up to $7,500 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. Funding comes from Employer and CDFI.

City Of Goose Creek Employer Assisted Homebuyer Program is forgiven after 5 years, so a homebuyer 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 Goose Creek 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.

City Of Goose Creek Employer Assisted Homebuyer Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum representative FICO across all borrowers per Community Works underwriting guidelines. A homebuyer education course is required, through Community Works HUD-approved homebuyer education and one-on-one counseling. Residency requirement: Property must be located within Goose Creek city limits and serve as borrower's principal residence; borrower must remain employed by City of Goose Creek throughout 5-year forgiveness period. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. Borrower must be a full-time City of Goose Creek municipal employee in good standing. Property must be located within City of Goose Creek limits. Owner-occupied principal residence. Household income $60,000-$85,000 (80%-120% AMI Charleston MSA). 620 minimum FICO. HUD-approved homebuyer education required prior to closing. $1,000 minimum borrower contribution.

City Of Goose Creek Employer Assisted Homebuyer Program limits household income to $85,000. 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.

City Of Goose Creek Employer Assisted Homebuyer 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.

City Of Goose Creek Employer Assisted Homebuyer 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.

City Of Goose Creek Employer Assisted Homebuyer Program serves homebuyers purchasing in Goose Creek, South Carolina.

Applications for City Of Goose Creek Employer Assisted Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application submitted directly to Community Works at time of pre-approval. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.