Home Point Financial is pleased to announce that we now have South Carolina USDA financing. USDA Loans in South Carolina are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to South Carolina residents in almost every SC county outside of major metropolitan areas (rural areas in South Carolina including [LIST a few relevant counties].

USDA Loan Requirements and Guidelines (South Carolina)

There are a number of requirements to quality for South Carolina USDA Loans:

  1. Monthly South Carolina housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
  2. Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in South Carolina.
  3. South Carolina borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
  4. Income can be up to 115% of the median income for the area.
  5. Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
  6. South Carolina property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.

South Carolina families must be able to afford the mortgage payments, including taxes and insurance.

South Carolina USDA Mortgage Rates

SC USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, South Carolina property being financed, etc. In general, SC USDA rates are better than average compared to other options for qualifying individuals.

South Carolina USDA Lender

Apply now or contact the South Carolina USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in South Carolina, eligibility and more.