A USDA (United States Department of Agriculture – Rural Development) loan is for those needing 100% financing for a property in a rural area. You can check to see if a property qualifies by entering an address at this site: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
This loan is available to U.S. Citizens and Permanent Residents, however non-occupying co-borrower are not allowed. With Gift Funds and/or Seller Contributions, it’s possible to purchase a home with $0 of the buyer’s funds due at closing.
Benefits of USDA Loans
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100% financing for homes in rural areas.
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Available to low and moderate income households.
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Minimum credit score 620
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First time and repeat home buyers.
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Gift Funds and Seller Contributions allowed to cover ALL or part of closing costs.
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No reserve requirement.
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Minimum home purchase price $150,000
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Rate & Term refinance allowed up to 100% of value.