Owing to the recent mortgage meltdown, it has become very difficult to save enough money to purchase a home in South Carolina. With the sky high property rates and substantial down payment amount, it has gone beyond the reach of a person belonging to middle or lower middle class to afford a new home. To help people buy homes in South Carolina, USDA home loan offers loans at really affordable interest rates and allows a person to buy homes without any down payment. USDA Loans in South Carolina offers loans even if you do not have a great credit history, thus making home buying an affordable activity.
South Carolina USDA Home Loans
If you reside in South Carolina and looking for non-traditional mortgage options then USDA Loans in South Carolina will serve as an ideal loan option for you. This unique loan program has been specially designed for those belonging to the low to moderate income families and cannot afford the conventional home loan models owing to the huge costs associated with it. The best part of the USDA Loans in South Carolina is that it requires no down payment thus saving you from paying a hefty amount. The USDA loans in South Carolina will lend you up to 103.5% of the appraised value of the home, requires no cash reserve. All these factors make these loans the best way to buy a home in South Carolina.
South Carolina USDA Home Loan Property Requirements
In order to get South Carolina USDA Home Loan, you need to meet the home loan property requirements as mentioned by USDA. The guidelines are related to income, credit history and property. The most important criterion is that you should be a citizen of South Carolina and the home to be bought should be situated within the designated area of South Carolina. USDA designated areas are usually any farm area with large open spaces, or rural communities that are small in size and has population less than 25,000 people.
It is not necessary that homes which may be aided by USDA should be situated in only in farmlands or isolated rural areas.
USDA South Carolina Loans Eligibility Criteria
Since USDA South Carolina Loans are meant for moderate to low income families, they have a maximum income limit criteria. To become eligible for USDA loans in South Carolina, your household income should not exceed 115% of the median family income of South Carolina area. You should also have credit rating of above 640, however the lower limit being 580. In order to be eligible for USDA South Carolina Loans you must have a regular income to be able to take care of maintenance costs like insurance, utilities bills, etc.
If you are interested in USDA South Carolina Loans and wish to learn more, then, contact a USDA Loan representative today!
