Cherokee County teachers could get low-interest home loans and help with down payments to purchase their first homes.

The $20 million home ownership program is a joint venture by the South Carolina State Housing Authority and the state Department of Education. The Palmetto Hero program will be available to certified South Carolina teachers who have a contract to begin teaching in the state within 60 days of closing on a home. Eligible teachers can get a 5.875 percent interest rate through the First Time Homebuyer Program. The current interest rate is subject to change due to market conditions. These loans cannot be used for refinancing. Teachers that qualify based on income can take advantage of two down payment assisted loans. One of the loans is forgivable if the teacher stays in the house for five years.

"Homeownership affordability is a growing concern for everyone in our state, especially for our teachers, who have the responsibility of educating our children, yet often struggle to make ends meet with their salaries," said Christopher Fraser, chairman of the Board of Commissioners for the Housing Authority.

Mortgage loan terms can be up to 30 years and are available to qualified buyers through any of the Authority's 200 participating lenders statewide. Income limits will range from a low of $16,300 to a high of $73,800. Maximum home prices will range from $180,144 to $284,050. The income and price ranges will vary by county.

The home ownership program comes online as Cherokee County and other districts work to staff schools for the new school year. Some districts have offered signing bonuses, reimbursement for student loans and help in getting apartments as incentives to recruit teachers in recent years.County schools have seen an average annual turnover of 70 teachers in recent years. For more information on the housing offer, teachers can contact the S.C. State Housing Authority at 1- 800-432-5007;.