This program allows eligible borrowers in eligible USDA areas the opportunity to purchase a primary residence with NO money down!!!
-The property must be located in an eligible area. Call me or look it up here. https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
-There are household income caps regardless of who is on the loan in order to be eligible to use this program. Income caps vary by state, by county, and by how many people reside in the same property. Call me to find out what those are. We will need income documents from all household members over the age of 18 (unless they are a full-time student).
A Rural Housing loan has an upfront mortgage insurance premium of 1%, which can be financed into the loan amount. The annual mortgage insurance fee is .35%, which is broken down over 12 months and is added to your monthly payment.
Advantages of USDA financing-
- 100% financing
- Low rates
- Low mortgage insurance premiums