Lending
Since 2005, LHT has committed $2.6 million in affordable housing financing to aid 100 Lowcountry residents that leveraged $22,552,935 toward the purchase of homes through its Homebuyer Assistance program.
The Lowcountry Housing Trust provides non amortizing subordinate mortgage loans to lower the purchase price of a home for qualified persons in our service area on a first come, first ready basis. Applications are NOT accepted from individual homebuyers. Homebuyers should contact an eligible sponsor to learn more the Homebuyer Assistance Program.
| Homebuyer Assistance Loan | |||
| Term | LHT subsidy will be a 20-year non amortizing subordinate loan at 0% interest. The loan will be forgiven after twenty (20) years if certain conditions of affordability are met. | ||
| Interest Rate | 0% | ||
| Eligible Borrowers | Individual homebuyers – applications submitted by Eligible Sponsors | ||
| Eligible Sponsors | Developer and LHT designated lending partners and HUD certified housing counseling agencies | ||
| Eligible Activities | Funds may be used when purchasing a home: for all or a portion of closing costs, for all or a portion of a down payment, or to reduce the principal amount of a first mortgage | ||
| Security | The LHT loan will be secured by a promissory note and a mortgage lien on the property | ||
| Loan Amounts | Maximum loan amount of $25,000 per unit | ||
| Application Fee | $50 Non-refundable fee | ||
| Origination Fee | $250 Fee due at closing | ||
| Security Assurances | Appraisal, environmental assessment, title insurance, liability and flood plain insurance, certificate of occupancy, and inspection | ||
| Closing Costs | The borrower is responsible for the expense of document preparation and closing costs | ||
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