Buy a Home in Lancaster County with No Money Down with a USDA Mortgage

by Keith Landis on August 15, 2011

Using a 100% USDA mortgage is a great way to finance the purchase of your next home in Lancaster County.  These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there.  If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.  Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing.   

Benefits of a USDA Rural Development loan include:               

  • True 100% no money down financing.                      
  • The ability to finance in your closing costs (if the appraised value supports the loan amt)
  • The seller may contribute up to 6% of the purchase price towards your closing costs
  • No Mortgage Insurance
  • Low interest rates.
  • More flexible qualifying guidelines with minimum 620 credit score

Outside of the Lancaster city limits, Lancaster County has few geographic restrictions for Single Family Homes under the USDA program.   USDA eligible areas can be found here….. 

 http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do

USDA mortgages do have income restrictions so click here to check on those…

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@12

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