5 Essential Facts About the SC Homeowner Rescue Program Amidst the Shifting Real Estate Market

In the wake of the COVID-19 pandemic, many homeowners found themselves grappling with unprecedented financial challenges. Amidst this turmoil, the SC Homeowner Rescue Program emerged as a beacon of hope. Administered by SC Housing, this program is a lifeline for those struggling to keep up with their mortgage payments due to the economic fallout of the pandemic.

The SC Homeowner Rescue Program is a part of the American Rescue Plan Act of 2021, specifically designed to provide mortgage assistance to those in need. With a substantial allocation of $145 million for South Carolina, the program is poised to make a significant impact, providing much-needed relief to homeowners in distress.

The real estate market in South Carolina is currently undergoing a significant shift. Despite the increase in median sale price and a drop in the number of homes sold, the SC Homeowner Rescue Program continues to provide steadfast support to homeowners. This program stands as a testament to the resilience and commitment to aid those affected by the pandemic’s economic impact.

Understanding the SC Homeowner Rescue Program

The SC Homeowner Rescue Program, administered by SC Housing, is a beacon of hope for homeowners grappling with financial hardships due to the COVID-19 pandemic. Amidst a shifting real estate market in South Carolina, this program is a part of the American Rescue Plan Act of 2021, specifically designed to provide mortgage assistance to those in need. With a whopping $145 million allocated for South Carolina, the program is set to make a significant impact.

The Current State of the South Carolina Real Estate Market

The South Carolina real estate market is currently in a state of flux, with several key indicators pointing towards significant changes. The median sale price in May 2023 saw a year-on-year increase of 2.1%, indicating a rise in property values. However, the number of homes sold during the same period dropped by 11.5%, suggesting a slowdown in market activity.

Mortgage rates in the state are stabilizing, with the current rate standing at 6.79%. This stabilization could potentially influence buyer behavior, as mortgage rates directly impact the affordability of homes. However, the market also faces risks associated with potential interest rate hikes and a possible housing market recession.

Interestingly, the number of listings in South Carolina increased by 95.2% in May 2023, indicating that sellers are slowly returning to the market. This could lead to an increase in supply, which may, in turn, affect home prices.

Homes in South Carolina stayed on the market for an average of 55 days, which is 16 days more than the previous year. This increase in the average number of days on the market could be a sign of a cooling market, where buyers are taking more time to make decisions, and sellers are taking longer to close deals.

The average median home price in South Carolina is currently $374,200, marking a 2.1% YoY increase. However, experts predict a decrease in home prices by 20% due to a slower market compared to the post-pandemic highs.

Despite these shifts, the SC Homeowner Rescue Program continues to provide much-needed support to homeowners. By providing mortgage assistance and covering other essential expenses, the program helps homeowners navigate the changing landscape of the South Carolina real estate market.

Eligibility and Application for the SC Homeowner Rescue Program

If you’re a homeowner who has been financially affected by the pandemic and are at least 30 days delinquent on your mortgage, you might qualify for this assistance. The program is designed to provide direct aid to your mortgage servicer on your behalf, helping you stay afloat during these challenging times.

To qualify for the SC Homeowner Rescue Program, homeowners must meet certain criteria:

• Live at the property for which they are applying for assistance
• Have experienced a financial hardship associated with COVID-19 after January 21, 2020
• Have a household income equal to or less than 150% of the Area Median Income (AMI)
• Have not received assistance from another source for the same expenses and timeframe that is being requested of the SC Homeowner Rescue Program

Applying for the SC Homeowner Rescue Program is a straightforward process. Homeowners must apply themselves either online or by calling 803-702-5222 for assistance. It’s important to note that if SC Housing determines that the homeowner shall be awarded SC HRP assistance, the funding will be made directly to the mortgage servicer on the homeowner’s behalf. This ensures that the funds are used for their intended purpose of maintaining the homeowner’s housing stability.

The Long-Term Impact of the SC Homeowner Rescue Program

The SC Homeowner Rescue Program is more than just a temporary relief measure. It’s a long-term solution designed to provide sustained support to homeowners who are facing financial hardships due to the COVID-19 pandemic. The program offers up to a maximum of 36 months of assistance, as long as funds are available. This means that eligible homeowners can receive support for up to three years, providing a substantial buffer against ongoing financial difficulties.

Moreover, the program is set to run through September 30, 2026, or until the funds are exhausted. This extended timeline ensures that the program can continue to provide assistance to homeowners for several years, offering a safety net during a period of economic uncertainty.

The long-term impact of the SC Homeowner Rescue Program extends beyond just the individual homeowners who receive assistance. By helping homeowners avoid foreclosure, the program also helps to stabilize local housing markets and communities. Foreclosures can lead to declining property values in the surrounding area, so by preventing these, the program helps to maintain property values and community stability.

Furthermore, by providing assistance with not just mortgage payments, but also past-due utility bills, property taxes, and government or nonprofit down payment assistance loans, the SC Homeowner Rescue Program helps homeowners maintain their standard of living. This can have positive effects on mental health and overall well-being, reducing stress and anxiety related to financial hardships.

The SC Homeowner Rescue Program is a vital resource that provides long-term support to homeowners in South Carolina facing financial difficulties due to the COVID-19 pandemic. By providing mortgage assistance and covering other essential expenses, the program helps homeowners maintain their homes and their dignity during these challenging times. If you meet the eligibility criteria, don’t hesitate to apply and get the help you need.

The Comprehensive Assistance of the SC Homeowner Rescue Program

The SC Homeowner Rescue Program goes beyond providing assistance with mortgage payments. It offers a comprehensive package designed to help homeowners manage various financial obligations that may have become challenging due to the COVID-19 pandemic. Here’s a detailed look at the types of assistance provided by the program:

1. Mortgage Payments: The primary purpose of the SC Homeowner Rescue Program is to assist homeowners who are at least 30 days delinquent on their mortgage due to financial hardships associated with COVID-19. The program provides direct aid to the mortgage servicer on the homeowner’s behalf.
2. Utility Bills: The program recognizes that keeping up with utility bills can be a struggle for homeowners facing financial difficulties. Therefore, it covers past-due utility bills, helping homeowners maintain essential services like electricity, water, and gas.
3. Property Taxes: Falling behind on property taxes can have serious consequences, including potential foreclosure. The SC Homeowner Rescue Program provides assistance for past-due property taxes, helping homeowners avoid these severe outcomes.
4. Down Payment Assistance Loans: For homeowners who have received down payment assistance loans from government or nonprofit organizations and are struggling to repay, the SC Homeowner Rescue Program can provide relief. It covers past-due amounts on these loans, easing the financial burden on homeowners.
5. Long-term Assistance: The SC Homeowner Rescue Program isn’t just a short-term solution. It offers up to a maximum of 36 months of assistance, as long as funds are available. This long-term support can provide a significant safety net for homeowners as they navigate their financial hardships.
6. Reapplication: Homeowners who have previously received assistance from the SC Homeowner Rescue Program and find themselves in need again can reapply. However, they must wait 12 months after receiving the SC HRP award to re-apply for additional assistance.

Conclusion

In conclusion, the SC Homeowner Rescue Program is a vital resource for homeowners in South Carolina facing financial difficulties due to the COVID-19 pandemic. By providing mortgage assistance and covering other essential expenses, the program helps homeowners maintain their homes and their dignity during these challenging times. If you meet the eligibility criteria, don’t hesitate to apply and get the help you need.

FAQs

Can I reapply for the SC Homeowner Rescue Program if I have previously received assistance?

Yes, but you must wait 12 months after receiving SC HRP award to re-apply for additional assistance.

How is the assistance provided through the SC Homeowner Rescue Program?

If SC Housing determines that the homeowner shall be awarded SC HRP assistance, the funding will be made directly to the mortgage servicer on the homeowner’s behalf.

Can the SC Homeowner Rescue Program help me if I am facing foreclosure?

The program is designed to provide financial assistance to homeowners facing hardships due to COVID-19, which could potentially help prevent foreclosure. However, it’s always best to consult with a professional for advice tailored to your specific situation.

Is the SC Homeowner Rescue Program administered by Habitat for Humanity South Carolina?

No, the SC Homeowner Rescue Program is administered by SC Housing. It is not administered by Habitat for Humanity South Carolina.

What is the maximum amount of assistance I can receive from the SC Homeowner Rescue Program?

The program does not specify a maximum dollar amount for assistance. Instead, it provides up to a maximum of 36 months of assistance, as long as funds are available.