For borrowers looking to buy in a rural area, a USDA home loan is a great option.
Loan Information:
- 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.
- The minimum credit score for USDA is 620.
- The seller concession is limited up to 6% of the sales price.
- As of 2024, the maximum income limits for 1-4 member households is $110,650 and for 5-8 member households is $146,050. NOTE: USDA loan limits by county may be higher to account for cost of living.
- Gifts are allowed.
*100% LTV of the appraised value plus the guarantee fee.
**Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in.