Spartanburg Regional Healthcare System Employee Homebuyer Assistance Program

Spartanburg Regional Healthcare System Employee Homebuyer Assistance Program is a forgivable loan for homebuyers in Spartanburg County, South Carolina. Employer-assisted housing program for full-time Spartanburg Regional Healthcare System employees. Up to $7,500 forgivable second over 5 years at 0% interest. The Spartanburg Regional Healthcare System (SRHS) Employee Homebuyer Assistance Program is a partnership between SRHS and Community Works to provide forgivable down payment assistance to full-time SRHS employees purchasing a home. 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 SRHS. 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.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance 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 SRHS 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.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance 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 serve as borrower's principal residence; borrower must remain employed by Spartanburg Regional Healthcare System 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 Spartanburg Regional Healthcare System employee in good standing. Property must be owner-occupied principal residence. Household income $86,700-$233,950. 620 minimum FICO. HUD-approved homebuyer education required prior to closing. $1,000 minimum borrower contribution.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance Program limits household income to $233,950. 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.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance 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.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance Program names healthcare workers 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.

Spartanburg Regional Healthcare System Employee Homebuyer Assistance Program serves homebuyers purchasing in Spartanburg County, South Carolina.

Applications for Spartanburg Regional Healthcare System Employee Homebuyer Assistance 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.