Beaufort Memorial Homebuyer Assistance Program

Beaufort Memorial Homebuyer Assistance Program

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.

ELIGIBLE BUYERS

  • 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)

ELIGIBLE PROPERTIES

  • 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.

ELIGIBLE USES

  • 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.

TERMS

  • 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.

FEE

  • 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.