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.