USDA Rural Home Loans
A USDA guaranteed home loan is designed to assist low-to-moderate income homebuyers in designated rural communities. The program was created in 1991 in an effort to boost homeownership in rural areas and offer incentives to relocate.
- 100% financing
- No loan limits
- One-time 2.75% upfront Guarantee Fee, .5% monthly Guarantee Fee - if appraised value exceeds sales pricing, Guarantee Fee may be financed.
- No down payment required
- Up to 6% for Seller Contributions
- Maximum loan amount up to 102.75% of appraised value
- No monthly mortgage insurance
- 620 minimum FICO score
- Household income considered, not just borrower on note - must meet USDA's income guidelines.
- Borrowers may not own other property
- Eligible properties
- Single family, condominiums and town homes (must be agency approved)
- No “income-producing” properties, i.e. farms
- For property & income eligibility go to www.eligibility.sc.egov.usda.gov/eligibility
USDA loans are available for purchase or refinance. We offer a standard USDA Refinance.