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 Mortgage Insurance
• No loan limits
• 1-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% 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