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$500 could make you a homeowner in Columbia. Here’s how

A new Columbia program is making it more affordable for more people to own a house.

The city’s Community Development Department is for a limited time offering affordable housing loans with only $500 required as a down payment.

The low-interest loans, financed through the city, are available for homes with a purchase price up to $150,000.

$500 is a fraction of what the typical down payment on a $150,000 house would be – normally 3 to 6 percent of the purchase price, or $4,500 to $9,000.

Homes purchased with an affordable housing loan must remain owner-occupied for as long as the city holds the mortgage.

The loans are available to households at or below these income levels:

▪ For a single-person household, $37,550

▪ Two-person, $42,900

▪ Three-person, $48,250

▪ Four-person, $53,600

▪ Five-person, $57,900

▪ Six-person, $62,200

For more information about the city’s affordable housing loan program, call (803) 545-3373.

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