Rural Housing
Discover the great options Metro Mortgage has to help you get the best mortgage possible!
WHY IS METRO MORTGAGE THE BEST CHOICE FOR RURAL HOUSING?
Because we have low Rural Housing Rates and Fast Turn Times!
The Rural Housing program is administered by the USDA (US Department of Agriculture), and in recent years has gotten thousands of South Carolina first time home buyers into their first home.
Despite the name, you don't necessarily need to buy a home in a Rural Area. Areas become eligible based on population density. So you can't use Rural Housing to buy in most downtown areas of South Carolina. But there are suburbs around every metropolitan area that are eligible.
Rural Housing loans also have an income limit, which can vary based on a number of factors.
The program is most appealing to many first time home buyers because a down payment isn't required. Underwriting guidelines are relatively relaxed compared to Conventional loans, and pricing.
Like FHA loans, you pay an upfront fee at closing, and monthly mortgage insurance. The calculator at right will give you an idea of how the program works. Be aware that Rural Housing rates can vary based on your loan amount, and your credit score.
IS A RURAL HOUSING MORTGAGE YOUR BEST OPTION?
Rural Housing Mortgages are a good option for you if:
- You are buying your first home.
- You need more relaxed underwriting critera.
- You don't have a lot money for closing costs or down payment.
- You want to buy in outer suburbs, or rural areas.
BASIC RURAL HOUSING MORTGAGE PARAMETERS
- Underwriting is relaxed, compared to Conventional Mortgages.
- You need a score of 640 or higher.
- You do not need a down payment for a Rural Housing loans.
- You do not need a lot of money to qualify. You only need to show you have the funds you need to close!
- The seller can pay up to 6% of the sales price towards your closing costs.
- There is a geographical restriction to what you can use a Rural Housing loan to finance. Contact us to find out if a property you are interested in qualifies.
- There is a strict income limit to Rural Housing loans, based on the number of people in the home, and the county the property is located in. We can determine if you are over the limit during the pre qualification process.
RURAL HOUSING MORTGAGE INSURANCE
The USDA charges two fees .
When you close, you are charged 2.75% of the starting loan amount. This fee can be rolled into your starting loan balance. The calculator at right is Rural Housing specific, and will illustrate how this works.
USDA also charges a monthly premium, which is paid over the term of the loan. Every year, the premium is re assessed downward, based on the remaining principal balance.
RURAL HOUSING PURCHASE MORTGAGE LOAN DOCUMENTS
Click each label for more information.
I just wanted to say thank you for all your help! You made something that I thought would be so hard so very easy. You have helped to make me one of the happiest people right now! It was so nice to meet you and I just wanted to express my gratitude. Thank you for everything!
Whitney McAfee
Next Steps.....
A calculator can only give you so much information, and mortgages are complicated!
You will find more options below. We are eager to get started getting you the best mortgage possible!
We designed this calculator do give you a rough idea of what a Rural Housing Mortgage looks like for you with today's rates. You can get our current published rates for Rural Housing loans under "Rates". Rural Housing mortgage pricing varies based on your credit score, loan amount, and other factors. If you are close to buying a new home, it's a good idea to contact us for a free rate quote. You will find a number of options for contacting us below. We love to hear from you!
Rural Housing Payment Calculator
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