"My friends, family, and co-workers have made that big leap to homeownership, rates are at historic lows, prices are on the move back up, and I really want to stop renting and become a homeowner too, but by the time I could save up a big down payment all that will be over.

With regular living expenses I just can’t save up that 20% down I keep hearing is needed."

Contrary to the media myths and other sources there are special programs to allow folks to enter the opportunity of homeownership without a huge down payment.

One of the best-kept secrets available to millions of new homeowners is the USDA Rural Development home loan program.  This program allows eligible first time homebuyers the ability to become a homeowner with $0 money down.

Financing a home with the USDA program is not much different than other home loans. Just less money needed to buy your first home. The process flow looks like this:

• Pre-qualify with a USDA lender

• Attend an in person or online homebuyer training

• Obtain lender Pre-Approval

• Find an eligible home

• Final Lender Approval

• USDA Guarantee review

• Close on your loan

• Move in and enjoy your new home

Among many other common myths about the USDA program this program is not just for farmers and no you don’t have to live miles away from civilization to qualify. Generally cities and towns with populations of 20,000 or less qualify. Others may qualify as well if there is a determination of less than good access to mortgage credit or if the area is ‘rural in nature’. That is the case all over South Carolina and in fact about 97% of the US land mass is eligible for this program.

Finding out if that perfect home you have in mind is eligible is as easy as calling us with the home address.

USDA loans aren’t the right fit for every buyer, but for those first time and repeat buyers needing that extra help in achieving their homeownership goals it a great sound safe option.

Why you might want to consider a USDA Guaranteed Home Loan:

• No down payment requirement – and flexibility to finance closing costs in many cases

• No additional Down Payment Assistance (DPA) loans needed which have extra payments in the future

• More lenient credit terms than conventional financing options

• Lower total housing payment than other programs with less than 20% down

When USDA may not be the right choice:

• Your household income exceeds 115% of the median income for your area – this program is not for higher income earners

• You want to live in the core of a higher populated metropolitan area

• Your available liquid assets exceed 20% of the price of the home you want to buy – this program is reserved for individuals and families that need that early bridge to homeownership