Due to the high demand for housing inventory, the SCEDC is implementing a Home Buyer Selection Process based on a variety of factors to be a Qualified Buyer.
These include the following:
The annual income for a Household associated with a Qualified Buyer cannot exceed one hundred forty percent (140%) of the median family income for the County. In 2023, this would equate to $134,474.20
Homebuyer(s) will be required to make a minimum contribution of $5,000, which may come from savings or gifted funds.
The net worth for a Household associated with a Qualified Buyer cannot exceed $349,999.99.
All Qualified Buyers must be individuals. No entity (e.g., a corporation, an LLC, etc.) or trust may be a Qualified Buyer.
On or before the closing of a Qualified Buyer on a Home, each Qualified Buyer shall complete a homebuyer education and counseling program. The Qualified Buyer’s Mortgage Lender will determine the specifics of the program.
A First Mortgage Lender shall provide a Financial Eligibility Verification Certificate with regard to becoming a Qualified Buyer for a given Property.
Prior to the Home Closing date of a given Property, at least one member of a Household associated with a Qualified Buyer must: (a) be employed by an employer located within the County, or (b) have an offer of employment (accepted in writing by a member of a Household associated with a Qualified Buyer).
Homes Deed Restrictions
- Home can never be owned by a corporation, LLC, or trust
- Home must be owned by the buyer for a period of 5 years (or SCEDC has the right to purchase the home)
- Prohibits Lease or rent (including, without limitation, long-term rentals or leases or short-term rentals or leases such as VRBO, Airbnb, or otherwise) all or any portion of the property at any time during the term of the agreement.
- On or before December 31, 2035, live in any other residence other than the Property for more than sixty (60) calendar days in a calendar year.
*Applicants must obtain pre-approval of a loan or mortgage before progressing with the application process. Individuals who submit a form for a home in Founders' Pointe without pre-approval will be disqualified from selection eligibility.