What is a Rural Housing loan? It is a 100% Purchase program for homes in eligible areas that the borrower meets the limits for that area. There is a 2% funding fee (that can be financed) and no monthly MIP or PMI. The program has seller contribution limits of 6% and the loan can be based on the appraised value rather than purchase price. Now you might ask how can that be handy??? The excess funds can be used for closing costs, appliances or home improvements/repairs.

What kind of credit is required? You would like to see at least a 620 credit score but exceptions can be made. Especially if there are compensating factors such as strong reserves.

How do I find out if the property is eligible?? Log on to the following website http://eligibility.sc.egov.usda.gov or ask me. There is only one county that does not have a qualifying area and that is Marion. You will be surprised at the areas that do qualify.

Veteran Administration Loan

A Veterans Administration (VA) Loan is a great way for an eligible veteran to buy a home. This program will still allow 100% financing and no monthly mortgage insurance. Qualifying for a VA loan is a simple process and closing costs should be about the same as a conventional loan. VA does have a funding fee that can be included in the amount borrowed.

A VA loan is just another program to help those who have served US.

Welcome

On an ongoing basis I hope to help answer your home financing questions. These questions will run the gambit from how do I apply for a loan to can I get a loan to finally am I getting a good deal? It seems that the number one question I get from friend, family and clients is "can I still get a loan". Usually I can answer yes, especially if you pay what you have and can prove what you say. This just gets back to common sense lending which is something that the industry moved very far away from especially in 2006 and 2007.

I hope that you will find teh content on this site helpful and as always feel free to let me know of anything that you would like to see.