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Employee Mortgage Loan Program

Purchase Loan: Maximum Loan $400,000 Down Payment:  Starting at $500

  • Employees with 80% and below HUD Median Income – Down Payment: $500.00
  • Employees with 80% and above HUD Median Income – Down Payment: $1000.00

 

Eligible Borrowers:

  • City Of Columbia Employees only- must be employed for twelve months with the City

 

Eligible Properties:

  • Single family detached homes and Fannie Mae approved condominiums.

 

Property Location:

  • Home must be within the City of Columbia corporate city limits.

 

Loan Structure:

  • 1st Mortgage:       75% of Sales Price @ market rate interest for 30 years
  • 2nd Mortgage:      25% of Total loan amount @ 2% interest for 30 years

 

Closing Costs:   Paid by seller or buyer.

 

Prepaid Items:   Paid by buyer.

 

Other features:

  1. City employee MUST receive:
  • Homeownership Training provided by the City.

 

  1. Property MUST be owner-occupied as long as the City holds the mortgage.

 

Effective Blended Rate is approximately 1.50% below current market rate and No PMI on this loan.

 

No Income Restriction and must meet underwriting guidelines

 

*Rates and Availability Subject to Change*

 

 

LOAN EXAMPLE

PAYMENT EXAMPLE

$100,000

Sales Price

First Mortgage Loan Amount

$74,625 at 4.% interest rate

$500

Down Payment (Regardless of Sales Price)

Loan Payment - $356.27

$74,625

First Mortgage  - (75% of Loan Amount)  Partner Bank

Second Mortgage Loan Amount - $24,875 at 2%

$24,875

 

Second Mortgage 25% of Loan Amount (2.0% fixed rate for 30yrs by City)

 

Loan Payment - $91.94

 

 

Total Payment - $448.21 + Taxes and Insurance

 

 

 

 

FOR INFORMATION CONTACT

(803) 545-3373                                              

Ask for a Loan Officer

 
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