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Wondering how much your mortgage will be? Use our calculators to perform mortgage-related calculations such as your expected monthly payments.
USDA Loans
The US Department of Agriculture will guaranty 100% financing for the purchase of primary residence, single family homes. This program is designed for median income families and geographic restrictions apply. Go to http://eligibility.sc.egov.usda.gov to determine property & income eligibility. Currently, a minimum 640 credit score is required for USDA loans.
The benefits of USDA loans are:
- 100% financing available
- Closing cost may be financed
- Excellent, 30 Year fixed rates
- Repairs may be financed
- NO monthly mortgage insurance(3.5% upfront gauranty fee applies)
- No prepayment penalty
We usually suggest 45 days for closing USDA loans since there is a 2 part approval process. First the loan goes to the lender for approval. When the lender approves the loan & all conditions are cleared, the file then goes out to the nearest USDA office for their approval prior to closing. Give us a call with any questions or concerns regarding this program.