Beaufort City Launches Employee Debt Assistance Loan Program

BEAUFORT, op. (WTOC) — The City of Beaufort is launching a down payment assistance program that will help workers 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 relate to a down payment or closing costs for the purchase of a home.
  • The employee’s household income cannot exceed 200% of the median income of the area.
  • The employee must be able to obtain a mortgage with a fixed interest rate of 30 years.
  • The employee must invest a minimum of $500 in buying the home and attend a home buyer training workshop.
  • The home must also be in Beaufort County, as well as the employee’s primary residence, and monthly mortgage payments must not exceed 35% of monthly income.

The loan is canceled after five years. Employees who leave the city for those five years must repay the remainder of the loan.

The program starts on July 1.

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