USDA loans in South Carolina
In today’s world, a steady income and good credit may not be enough to qualify for a home loan. With that said, the Cain Mortgage Team at Luminate Bank offers the USDA home loan program that can assist most individuals and families in rural areas of Columbia, SC and surrounding areas become homeowners. Some of these areas include Blythewood, Lexington, and all of Kershaw County. The USDA home loan program was built to help moderate to low income borrowers qualify for a loan.
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Trusted. Experienced. Secure.What is a USDA loan?
The primary goal of the United States Department of Agriculture (USDA) is to improve the market for Rural areas in the United States, and protect Lenders from those who default on their mortgage. The USDA loan is one of the top loans offered in the US and allows for 100% financing for qualified borrowers. For more information, use the Quick Quote form on the right or call us today at 803 261 9267.
USDA rural development South Carolina
A USDA Loan can be used for purchasing a home, streamlining your loan and even refinancing an existing home. Streamline loans reduce payments and may offer more favorable rates on your current loan. USDA Loans are great for people looking to buy a house in a rural area with no money down.
Why use USDA loans?
A USDA Loan allows for a no down payment option and flexible credit scores compared to many other home loans. Borrowers might qualify for a USDA loan without any out of pocket expenses, and are a great choice for first time home buyers. USDA Loans require the property to be in an eligible area; to find out if a property qualifies, you can enter the address on this site https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do or call your local Loan Officer to help. So, if you are looking in areas that are considered rural, have a score in the 600’s and your debt to income ratios are in line, a USDA Loan is a great option.
USDA loan requirements SC
- Dependable and adequate family income
- Moderate income limits for your specific area
- Credit History which indicates a reasonable ability to pay.
- U.S. Citizen, qualified alien or legally admitted to the United States
- Minimum credit score is typically 660 but possible options down to 640
What are the Benefits of a USDA loan SC?
- No Down Payment for qualified buyers
- Very Low Mortgage Rates
- Annual mortgage insurance fee is just 0.50% annually
- No specific loan size limitation
- The only down payment required is for Earnest Money
USDA Funding Fee
The USDA funding fee, commonly referred to as the USDA loan guarantee fee, includes both an upfront fee and an annual fee:
Upfront Fee
- Typically, this fee is around 1% of the total loan amount and is paid at the time of closing. The maximum charge can reach up to 3.5% of the loan value.
Annual Fee
- Generally, this fee is about 0.35% of the loan balance and is included in the monthly payment. The annual fee remains in effect for the life of the loan, unless the loan is refinanced.
This USDA funding fee helps finance the loan guarantee provided to the lender, functioning similarly to mortgage insurance. Costs associated with the USDA program are often more affordable compared to private mortgage insurance or fees from other loan programs.
Call us today to get more information on:
Rates
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Income Requirements
Income Limits
USDA Mortgage Lender
The Cain Mortgage Team with Luminate Bank is committed to assisting it’s clients with all of their USDA Home Loan needs in South Carolina and surrounding areas! If you are a first time home buyer looking to purchase a new home or refinance, I can assist you. Don’t let the lack of a down payment be the reason you don’t buy a house. Contact C. David Cain at 803 261 9267 today for any questions that you have about USDA Loans in South Carolina. Call today to see if you qualify for a USDA Loan!
Luminate Bank is not affiliated with or acting on behalf of or at the direction of USDA/RD or the Federal government.
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