For borrowers looking to buy in a rural area, a USDA home loan is a great option.
- No down payment is required on these loans. You can go up to 100% financing and you can finance closing costs into the loan as well as long as the property appraises for enough.
- Property must be located within eligible USDA territory. For information on this you can go to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.
- There is no minimum credit score to be eligible.
- The seller concession is limited to 6% of the sales price.
- The maximum income limits for 1-4 individuals is $103,950. For more than 4 individuals it is $137,200
- Gifts are allowed.