USDA loans could be option for future home owners

First Posted: 8:11 pm - September 4th, 2015

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WINNSBORO — People from Winnsboro have a lot of hometown pride. The cost of living is excellent, and so is the weather.

Property values are staggeringly low, whether you compare the home prices to all of South Carolina and even average home prices in the United States.

Winnsboro is over 51 percent owner occupied, according to AreaVibes, which pulls its information from official government sources.

The USDA home loan program was created to increase economies and build stronger communities in rural areas. The USDA does not provide the loan, but rather insures the loan through third party lenders so they may provide homeownership opportunities to those with poor credit and make low to moderate income.

The top five benefits to using the USDA home loan:

1. No down payment is required with the USDA home loan. A down payment is optional with this program, as it is the choice of the borrower if they want to bring their loan amount down at the time of purchasing or just keep what would have been the down payment amount into the loan’s timeline of payments.

2. No private mortgage insurance is required on the USDA home loan.

3. The USDA home loan has interest levels that can go as low as one percent. You may also have your interest rate fixed when your pre-approval is obtained, or at the time of closing.

4. You will have up to 33 years to pay off the loan.

5. You do not need to be completely cut off from society to obtain the USDA home loan. Though the loan is intended for rural areas, some suburbs closer to big cities qualify.

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