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South State Bank outlines 100% financing option for first‑time buyers at Bluffton committee meeting
Summary
Representatives from South State Bank presented the Buyer's Advantage Portfolio Loan to the Supportive Housing Committee, saying it can offer up to 100% financing with no private mortgage insurance for qualifying first-time buyers and explained eligibility tests, credit and debt-to-income guidance.
Representatives from South State Bank presented the bank's Buyer's Advantage Portfolio Loan to the Supportive Housing Committee on Feb. 5, describing it as a CRA product for first‑time homebuyers that can offer up to 100% financing and omit private mortgage insurance for qualifying borrowers.
Meredith Watson, identified in the meeting as a South State Bank presenter, described the product and eligibility rules. She told committee members, “We can lend up to 100% financing, so that means no down payment, with no private mortgage insurance.” She and a bank colleague explained that the program uses "application income" rather than household income for qualification…
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