Here are a few examples of income limits in ten different counties in South Carolina. However, if the USDA-eligible area is next to a more expensive city, the limits will often be higher than the standard. The standard income limits for most counties in SC are $103,500 annually for households with 1-4 members and $136,600 for those with 5-8 members. They also split the limits based on how many adults are in your household 1-4 or 5-8. The limits are based on the total income of every adult in your current household-even those whose names are not on the loan application. That means the program imposes limits for household income. USDA loans were created and designed for low-to-moderate-income households. Get Started What are USDA loan limits for South Carolina? The median home price for the great Greenville is $350,000, with overall prices ranging from $140,900 to $6 million. A famous downtown offers tree-shaded streetscapes, public artworks, shops, parks, and a variety of annual festivals. Greenville is also known as the “Textile Center of the World,” and features great shopping, historic, scenic, entertainment, and family attractions. You can find Greenville, SC, in the heart of Up-county, a beautiful county in the northwestern corner of the state. The median price for homes in Charleston shows the higher value of this area at $525,000. USDA-eligible areas can be found along Interstate 26, leading directly into the heart of the city. Tourism is the largest industry here-located mostly on the coastline, which bolsters its real estate and finance sectors. The economy of Charleston, SC, has experienced a resurgence in advanced manufacturing employment-doubling in the 2010s. Housing prices in Florence are fairly affordable, with a median price of just $249,900. The major industries here include finance, commerce, health care, rail, and trucking-which helps explain why Florence is the industrial center of the eastern Carolinas. The economy of Florence, South Carolina, has gone through a transformation in the last three decades from being a largely farming and rail-centric city to a more diverse structure. The median home price for Columbia, South Carolina, is a reasonable $230,000, well below the national median of $454,900. Featuring a diverse economy, including state government jobs, healthcare, and the University of South Carolina, Soda City can be a great place to set down some southern roots. The population here is a modest 136,632 residents, but the overall metropolitan area has 829,000 people-which can mean lots of suburban-type homes nearby for your USDA loan. The median price for homes in Myrtle Beach, South Carolina, is $268,000.Ĭolumbia, South Carolina, is the second-largest city of the state and also its capital. The area’s elongated layout means many USDA-eligible areas are within short commute distances to the west. ![]() Even though a variety of employment opportunities can be found, many of them connect to hospitality, entertainment, and other forms of tourism. ![]() As you can imagine, tourism has become a big industry here and the major driving force of the economy. Interested in living nearby one of the most popular and beautiful beaches in the U.S.? Myrtle Beach, South Carolina, is visited by tens of millions of people every year. To help clarify the criteria even more, here are five examples of South Carolina urban centers with USDA-eligible regions (the non-shaded areas) within a short commuting distance. If you’re interested in buying in a particular region of South Carolina, but aren’t sure if it’s eligible or not, check out USDA’s eligibility map that specifically details what areas apply. In fact, this loan program is tailored for single-family primary residences-the kind you find in most metropolitan cities. Many locations in the state where you can use a USDA loan look more like suburban neighborhoods rather than rustic farmland. USDA loan eligible areas in South CarolinaĪreas of South Carolina that have populations of up to 35,000 residents can be considered rural by the USDA. Instead, USDA loans are for standard homes that happen to be in less-dense areas of the state. ![]() Rural areas do not mean farms, however, despite the loan being a part of the U.S. USDA loans, also known as the “Section 502 Guaranteed Loan Program,” are designed to assist borrowers who meet USDA loan requirements in buying a regular primary residence in eligible rural areas without a down payment.
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