100% USDA financing in the Greenville SC area. A USDA home loan is a great mortgage to assist first time home buyers with a home loan in the Greenville, SC area.
A zero down payment loan program is available to home buyers in Greenville seeking to purchase a new home without having to have a lot of money. Read below for information on USDA loans in Greenville, SC.
There are two key benefits to a USDA loan:
1. No down payment required - 100% financing
2. A 30 year fixed interest rate with a lower total payment than most any other loan program.
The payment is lower with a 100% Financing USDA loan because unlike most first-time home buyer loan programs, the 100% USDA financing in the Greenville SC area has minimal Mortgage Insurance added to the monthly payment. Other loan programs require down payments and have very high mortgage insurance premiums added to the monthly payment.
There are two unique qualifications for a USDA loan that are not like most other loan programs:
1. Your home must be inside a USDA eligible area in the Greenville, SC area. The eligible area is defined by Congress. Some areas around Greenville won't qualify for a USDA loan. For example, properties inside Greenville City limits are not part of the qualified area. Most of the outlying areas beyond Greenville City are all qualified areas.
You can determine if your home is in an eligible area by visiting: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011and typing in your address in the search bar.
2. Home buyers must qualify based on their household income. There are limits to how much income can be earned. You must make less than the limit to qualify. The total income for all members living in the household must be considered. If the total household income is above the allowable limit, then you would not qualify. There are credits given for any dependents under 18.
To determine your family's household income qualifies, use the Income Calculator on the USDA site: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011.
Make sure that you choose a mortgage lender over a mortgage broker so that there are no delays in your USDA loan approval. To save thousands of dollars at your closing, hire a mortgage lender with all the knowledge that there is to know about USDA loans. The ultimate goal is to save you money.
If you would like more information on 100% USDA financing in the Greenville SC area or want to apply for one, contact Randy Shamburger, Senior Mortgage Lender at 864-214-7570 or log on to http://www.mynewloanapplication.com and request more information. Randy specializes in USDA loan and originates loans all over the state of South Carolina.
Randy Shamburger, 
Senior Mortgage Lender
864-214-7570 or Email Me
526 Howell Road
Greenville, South Carolina 29615
NMLS #322952
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