Many people are not aware of what a USDA loan is. These loan programs are for borrowers looking for 100% financing. These loan programs have no monthly private mortgage insurance and an up-front funding fee of 3.5%. In order to qualify all members of the household must earn below a certain amount of income per year.(as a whole) This loan program utilizes similar underwriting guidelines as FHA. These government loan programs are allowed to be used on primary residences only.
For income eligibility click on this hyperlink: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=DirectIncomeLimits&NavKey=incomelimit@11
For property eligibility click on this hyperlink: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
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