Who is eligible?

Loan applicants must:

• Have an adequate and dependable income
• Be a US citizen or permanent resident
• Have an adjusted annual income that does not exceed the limit for the county in which they are purchasing a home
• Have a credit history that indicates a reasonable willingness to meet the obligations and ability to repay their debts
• Qualify with the flexible guidelines offered by Rural Development for housing and debt loads

What are the loan terms?

• Loan amount can be up to 100% of the Appraised value plus the guarantee fee
• Loan funds may be used to purchase and repair a home and may include closing costs
• Only 30 year fixed rate loans
• No monthly mortgage insurance.  A one time guarantee fee may be rolled into the loan.  The guarantee fee is 3.50% on a purchase transaction and 2.25% on a refinance transaction of the total principal obligation of the new loan.
• No limit on seller concessions (seller pays for costs/repairs) or gift/grant funds from community organizations or relatives
• No Maximum Purchase Price!  Borrowers can buy the home that meets their needs

What types of home qualify?

• Homes are located in rural areas
• Homes are structurally sound, functionally adequate and in good repair
• Are certified by a state licensed home inspector or appraiser for plumbing, heating, water, waste disposal and electric systems that are all in proper working condition

Vist the following website to see if you property is eligible for the USDA Rural Home Development Program:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11