South Carolina USDA Loans

What are South Carolina USDA Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

What rural development loans does USDA offer in South Carolina?

Currently, there are two kinds of USDA Home Loans available in South Carolina for single family households:

. USDA Guaranteed Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in South Carolina and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewedhere. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

. USDA Direct Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine my eligibility for a USDA Loan in South Carolina?

To be eligible for A USDA Rural Loan in South Carolina, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

How much can I borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money do I need for down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA RD Loans?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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South Carolina USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
NON-METRO
ABBEVILLE
$73,600
$97,150
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
AIKEN
$73,600
$97,150
NON-METRO
ALLENDALE
$73,600
$97,150
ANDERSON, SC (MSA)
ANDERSON
$73,600
$97,150
NON-METRO
BAMBERG
$73,600
$97,150
NON-METRO
BARNWELL
$73,600
$97,150
HILTON HEAD ISLAND-BEAUFORT, SC (MICRO)
BEAUFORT
$73,600
$97,150
CHARLESTON-NORTH CHARLESTON, SC (MSA)
BERKELEY
$73,600
$97,150
COLUMBIA, SC (MSA)
CALHOUN
$73,600
$97,150
CHARLESTON-NORTH CHARLESTON, SC (MSA)
CHARLESTON
$73,600
$97,150
GAFFNEY, SC (MICRO)
CHEROKEE
$73,600
$97,150
CHESTER, SC (MICRO)
CHESTER
$73,600
$97,150
NON-METRO
CHESTERFIELD
$73,600
$97,150
NON-METRO
CLARENDON
$73,600
$97,150
WALTERBORO, SC (MICRO)
COLLETON
$73,600
$97,150
FLORENCE, SC (MSA)
DARLINGTON
$73,600
$97,150
DILLON, SC (MICRO)
DILLON
$73,600
$97,150
CHARLESTON-NORTH CHARLESTON, SC (MSA)
DORCHESTER
$73,600
$97,150
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
EDGEFIELD
$73,600
$97,150
COLUMBIA, SC (MSA)
FAIRFIELD
$73,600
$97,150
FLORENCE, SC (MSA)
FLORENCE
$73,600
$97,150
GEORGETOWN, SC (MICRO)
GEORGETOWN
$73,600
$97,150
GREENVILLE, SC (MSA)
GREENVILLE
$73,600
$97,150
GREENWOOD, SC (MICRO)
GREENWOOD
$73,600
$97,150
NON-METRO
HAMPTON
$73,600
$97,150
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC (MSA)
HORRY
$73,600
$97,150
HILTON HEAD ISLAND-BEAUFORT, SC (MICRO)
JASPER
$73,600
$97,150
COLUMBIA, SC (MSA)
KERSHAW
$73,600
$97,150
LANCASTER, SC (MICRO)
LANCASTER
$73,600
$97,150
GREENVILLE, SC (MSA)
LAURENS
$73,600
$97,150
NON-METRO
LEE
$73,600
$97,150
COLUMBIA, SC (MSA)
LEXINGTON
$73,600
$97,150
NON-METRO
MARION
$73,600
$97,150
BENNETTSVILLE, SC (MICRO)
MARLBORO
$73,600
$97,150
NON-METRO
MCCORMICK
$73,600
$97,150
NEWBERRY, SC (MICRO)
NEWBERRY
$73,600
$97,150
SENECA, SC (MICRO)
OCONEE
$73,600
$97,150
ORANGEBURG, SC (MICRO)
ORANGEBURG
$73,600
$97,150
GREENVILLE, SC (MSA)
PICKENS
$73,600
$97,150
COLUMBIA, SC (MSA)
RICHLAND
$73,600
$97,150
COLUMBIA, SC (MSA)
SALUDA
$73,600
$97,150
SPARTANBURG, SC (MSA)
SPARTANBURG
$73,600
$97,150
SUMTER, SC (MSA)
SUMTER
$73,600
$97,150
UNION, SC (MICRO)
UNION
$73,600
$97,150
NON-METRO
WILLIAMSBURG
$73,600
$97,150
CHARLOTTE-GASTONIA-CONCORD, NC-SC (MSA)
YORK
$76,500
$101,000

 USDA Loan information for South Carolina’s top cities:

Columbia South Carolina USDA LoansCharleston South Carolina USDA LoansNorth Charleston South Carolina USDA Loans
Greenville South Carolina USDA LoansRock Hill South Carolina USDA LoansMount Pleasant South Carolina USDA Loans
Spartanburg South Carolina USDA LoansSumter South Carolina USDA LoansHilton Head Island South Carolina USDA Loans
Florence South Carolina USDA LoansGoose Creek South Carolina USDA LoansSummerville South Carolina USDA Loans
Anderson South Carolina USDA LoansAiken South Carolina USDA LoansMyrtle Beach South Carolina USDA Loans
Greenwood South Carolina USDA LoansSt. Andrews South Carolina USDA LoansWade Hampton South Carolina USDA Loans
Taylors South Carolina USDA LoansEasley South Carolina USDA LoansGreer South Carolina USDA Loans

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