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.