You may be eligible for up to $10,000 in down payment and/or closing cost assistance.
CommunityWorks and Beaufort Memorial have partnered together to bring a home buyer assistance program to qualified Beaufort Memorial team members.
- Beaufort Memorial full-time team members who are actively at work and in good standing for a minimum of 6 months.
- Have a household income at or below 200% Area Median Income.
- Secure a 30 year, fixed rate mortgage.
- Invest a minimum of $500 into the home purchase.
- Attend a homebuyer education workshop. (Select South Carolina and Beaufort County > Homebuyer Education Course > ReGenesis > Create Account)
- Properties within a 15-mile radius of a designated Beaufort Memorial campus.
- The home must be the buyer’s principal residence.
- Monthly mortgage payment must be affordable (33% of monthly income or less).
ELIGIBLE LOAN TYPES
- FHA, Conventional, USDA, or VA mortgage product.
- Funds may be used for down payment and/or closing costs.
- The total of all mortgages on the property may not exceed 100% of appraised value.
- Buyers may not receive any funds back at the time of closing.
- Funds will be released to the buyer’s attorney at closing.
- Assistance will be secured by a promissory note and a mortgage lien on the property.
- Assistance is a non-amortizing subordinate loan at 0% interest.
- Assistance loan amount will be forgiven over five years.
- Loan balances for employees terminated from Beaufort Memorial due to disability will be forgiven.
- A $325 loan origination fee and applicable wiring fees will be due at closing.
More information and application to come. Call 864-235-6331 with questions.