Perhaps this is your first tour of a residential area outside the concrete jungle of downtown Charleston. Chances are that as you read this, you may not have driven past the non-metro area of this city, which is actually eligible for USDA mortgage South Carolina! Other sweet surprises await you in the way of flexible credit qualifications and a treasure-trove of benefits. To drive you through this home ownership tour is USDA Loans Direct.

Know Your Credit Circumstances

Though many expect that the mere mention of ‘credit’ zeroes down to the FICO score, the fact is that the latter is not even a first-class necessity in USDA mortgage SC. You can gain approval with a score of 620 or even 580. The following ar the most important details:

1. Your card should have only one unpaid debt within the last one month.
2. You must have settled all outstanding loans in the past half year.
3. In case of foreclosure or bankruptcy, they should have ended at least two years prior to the time of applying for USDA mortgage South Carolina.

How to Get Your Credit Score

In order to make everything easy for you, we will ensure that you submit your credit report to Rural Development in time. We can consult with the three credit report agencies to provide your details. We then combine their figures to come up with a mean credit score.

Other Requirements For Eligibility

Alongside credit stipulations, you also need also pass the following few eligibility guidelines applicable to USDA mortgage SC.

• The 29/41 debt-to-income ratio. The 29 in the ratio is the total housing costs together with property taxes; they should be less than 29% of your income. The 41 in the ratio is the combination of housing costs and other current credit card payments; they should be less than 41% of income.
• Property requirements. The new home should be your primary residence. Secondly, it must be in a Rural Development-designate area.

Who Will Settle My Closing Costs?

USDA Loans Direct provides these three options for settling closing costs:

• Let the seller meet at least 6% of closing costs.
• Have a kinsman, friend or sponsor settle part of or all the costs.
• You can roll them, including the Guarantee Fee of 2% into the principal amount.

The Major Benefits of USDA mortgage South Carolina

• Zero down payment.
• No Private Mortgage Insurance.
• Flexible amortization period of 30 years.
• Competitively low, fixed interest rate.

Helpful links for you to review:

USDA Loan

USDA Down Payment Assistance

First Time Home Buyer

USDA Rural Development Loan