USDA loans are funded through the Rural Business Enterprise Grant program and aim to help homebuyers in rural areas who have little to no money available for a down payment. USDA loans are fixed rate loans that make it possible for people to make no down payment and it is probable that the closing costs may also be included. This program is unique in that it is one of the only 100% mortgage financing options in the marketplace available currently. These loans allow buyers to have the absolute lowest monthly payment out there. This is possible because there is no monthly mortgage insurance.
To be approved for this loan, the home you wish to buy must be in a rural area, and you must be within the household income limits. There are websites available where you can search to see if the home is within a defined rural area.
There are two types of USDA loans in South Carolina:
- USDA Guaranteed Rural Housing Loans
This is the most common type of loan used, as it allows for higher household income limits. The loan is a 30 year, set fixed rate loan.
- USDA Direct Rural Housing Loan
This loan is less typical because it is only available for low and very low income households.
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