COLUMBIA, S.C. — Richland County wants to see more people buying homes and settling down in the area. To make sure first-time homebuyers feel comfortable, the county hosted a home-buying workshop.
Tyrell Bates was one of many to show up to Richland County’s homebuyers workshop says just getting started can be overwhelming.
“I really learned a lot throughout the whole process. Now, I've just got to put in the work," Bates said.
Richland County asked Jessica Edmond with Nexa Mortgage to deliver information to folks in the community about what to expect when purchasing a home.
“The biggest question is, 'How much will my mortgage payment be?' Depending on their situation, some people may be qualified for a little bit more than what they want for their mortgage payments. But it's my job to have that conversation with them, to let them know," Edmond explained.
Right now, the average 30-year fixed mortgage rate is about 7.7%, which is higher than most people are used to, but Edmond says these numbers are up to the Federal Reserve.
She explains that with the overall cost of living continuing to rise, buying a home might be the better option.
“In this day and age, I say, with renting, you are not in control. You are paying someone else's mortgage, as opposed to home ownership, you are in total control of the repairs that you make, and what your principal and interest payments are going to be over the 30-year life of the loan. So you have more control when you're purchasing your home, as opposed to renting.”
Richland, Lexington, the City of Columbia, and the State of South Carolina all have grants to help people with home ownership.
- Richland County Home Ownership Assistance: https://richlandcountysc.gov/Government/Departments/Community-Development/Community-Development-Programs/-Homeownership
- Lexington County Home Ownership Assistance: https://lex-co.sc.gov/departments/community-development/grant-programs/homeownership-assistance-program
- City of Columbia, City Lender Programs: https://communitydevelopment.columbiasc.gov/city-lender-programs/
- SC Housing Homebuyer Program: https://schousing.com/Home/HomebuyerProgram