The USDA loan, or a rural housing loan, is a very attractive loan because you can purchase a home for no money down. The big thing to remember with a USDA loan is that not every community can offers this loan program. The USDA loan only works in areas that the USDA has designated as a rural community. The USDA’s goal with the rural housing loan is to develop rural communities.
Even though the USDA loan won’t work in the majority of the greater Myrtle Beach area, there are still many communities within Horry and Georgetown Counties that qualify for this program. Just because the loan is known as a rural housing loan doesn’t mean that you have to live on a farm. Cities just outside of the metropolitan area of Myrtle Beach, like Georgetown and Conway do meet qualifications for USDA loans.
In fact it is the only loan you will find besides the VA loan that will let you purchase a home for no money down. While a VA loan requires you to be part of the military, the USDA loan has no limitation other then the location of the home.
USDA loans also have looser financial requirements then what you would find with conventional home loan programs. While you will need to still have a decent credit history, it does open up the possibility for people who don’t have perfect credit to be able to purchase a home.
The USDA loan does have loan limits which differentiate by county. The Georgetown County that loan limit is $148,800 and in Horry County the loan limit is $154,700.
So if a lack of funds for a down payment, or not having perfect credit has stopped you from owning a home or you’ve wanted to live in a more rural community, then a USDA might be your solution. We have helped many people take advantage of this great loan program. You can get started by seeing how much you can qualify for by using our Purchase Assistant tool to get receive a free rate quote.