City of Beaufort starts down payment loan assistance program for employees

BEAUFORT, Sc. (WTOC) - The City of Beaufort is starting down payment loan assistance program that will help employees buy a home. According to the city, the loan will be forgiven in just five years.

The city will provide a forgivable loan up to $10,000 dollars under these conditions:

The loan must be for a down payment or closing costs for the purchase of a home.
The employee’s household income cannot be more than 200% of area median income.
The employee must be able to obtain a 30year fixed rate mortgage.
The employee must invest a minimum of $500 into buying the home and attend a homebuyer education workshop.
The home must also be in Beaufort County, as well as the primary residence of the employee, and monthly mortgage payments cannot exceed 35% of monthly income.

After five years, the loan will be forgiven. Employees who leave the city before those five years must repay the balance of the loan.

The program begins on July 1.