WINTER
HAVEN, Fla., May 30, 2023
/PRNewswire/ -- SouthState Bank today announced the introduction of
a new mortgage option called the "Opportunity Advantage Loan Fund"
that is designed to help qualified1 low-to-moderate
income (LMI) potential homebuyers overcome the financial barriers
associated with purchasing a primary home. SouthState has allocated
a sum of $10 million that will be
drawn from over a three-year period to create the Fund.
The Opportunity Advantage Loan Fund is available for LMI
homebuyers in Alabama,
Florida, Georgia, the Carolinas and Virginia (Richmond) for any applications
received after May 15, 2023. The main
features of the program include:
- A loan fund of up to $12,500 can
be awarded to qualifying buyers for use towards down payment,
closing costs, or other fees related to the purchase of a primary
residence.
- The loan is 100% forgivable with no repayment and 0% interest
if the buyer owns the home for at least five years. If the home is
sold prior to five years of ownership, there are repayment
stipulations. Information regarding those stipulations can be found
here.
- This offer must be combined with a Buyer's Advantage, Community
Advantage, Home Ready or Home Possible mortgage.
"The current mortgage rate environment has made it more
challenging for some people, particularly would-be
first-time-homebuyers to purchase a home," said Stephen Cannon, Mortgage co-president at
SouthState Bank. "Homeownership is a foundational component to
building wealth and ultimately creating a prosperous financial
existence, and the Opportunity Advantage Loan Fund could make a
significant impact for homebuyers throughout our six-state
footprint."
In order to be eligible for the Opportunity Advantage Loan Fund
program, applicants must have an income of 80% or less of the
county area median income adjusted for family size. The borrower
must have a minimum 640 FICO credit score. In addition, the funds
from this program may only be used on the purchase of a primary
residence.
"We are committed to helping our communities succeed, and
helping residents of our communities obtain affordable housing is a
primary focus for SouthState," said Brent
Harrell, Mortgage co-president. "Our mortgage bankers are
excited to help customers take advantage of this new loan
program."
- Qualified applicants must meet eligibility requirements for the
purchase mortgage per SouthState Bank or agency underwriting
guidelines. Applicant income must be less than or equal to 80% of
the county area median income adjusted for family size as published
by HUD. Not available with all loan products. NMLS ID# 403455.
Equal Housing Lender. Member FDIC.
SouthState Corporation (NASDAQ: SSB) is a financial services
company headquartered in Winter Haven,
Florida. SouthState Bank, N.A., the company's nationally
chartered bank subsidiary, provides consumer, commercial, mortgage
and wealth management solutions to more than one million customers
throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank
also serves clients coast to coast through its correspondent
banking division. Additional information is available at
SouthStateBank.com.
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SOURCE South State Bank N.A.