CHARLESTON, S.C. (AP) - Those seeking to help South Carolina homeowners struggling with their mortgage payments say a new state program will help only a fraction of those who need assistance.
The Post and Courier of Charleston reported Tuesday that the South Carolina State Housing Finance and Development Authority has a $300 million program to help as many as 33,000 homeowners.
But advocates say the strict guidelines mean only a few will qualify for the help.
The program will help only those who are less than four months behind on their mortgage payments. Economist Mark Vitner with Wells Fargo in Charlotte, N.C., says the guidelines will probably exclude many people who need help.
Clayton Ingram with the Housing Finance and Development Authority says the agency had to draw the line somewhere.