Types of Financing
When you apply for a loan, you may have the opportunity to select from FHA, VA, Conforming, and non-conforming financing. Here are short descriptions of these different types. Consult your mortgage professional to get all the details.
FHA - This is one of the most popular loans right now allowing the purchaser to purchase a home with as little as 3.5% down. The loan is insured by the Federal Housing Administration, therefore there is less risk to the lender. Less down payment is possible with this loan than with a Conventional Loan, but FHA requires the borrower to pay mortgage insurance premiums and the overall total of the loan amount is also limited. This limit is determined by the FHA and depends on the county where the property is located.
VA - These loans are guaranteed by the Department of Veteran Affairs. A qualified veteran may obtain a mortgage loan for a primary residence with no down payment.
USDA / Rural Housing - These loans are available through the United States Department of Agricultural to purchase properties defined as "rural". The definition of these homes in our area may surprise you - Tega Cay SC is all considered "rural". The availability of these loans is based on property location - address specific- and family income. These loans are 100% financing loans.
To see if a specific property is eligible for this loan: 
REMEMBER - The eligibility is ALSO based on income
SC State Housing Finance and Development Authority - South Carolina State Housing Finance and Development Authority Mortgage Loan Programs assists low-to-moderate income S.C. families and individuals by offering a competitive market fixed interest rate mortgage loan. SC State Housing also offers down payment assistance based on availability, which may be used toward down payment and closing costs. Great First Time Home Buyer Programs!
Wells Fargo Home Mortgage - Your complete resource for any of the programs listed above PLUS a Special 2% Down Program - Call Liz Ciardi directly for more details. Looking for a quicker pre-qualification response? Apply with Liz online www.lizciardi.com Liz has over 23 years experience in the mortgage industry. First Time Home Buyers, Move Up, Down Sizer, Reverse Mortgages and More - Give Liz a call, email or text!
AHP Program from RBC Bank - 100% Financing Option - York County - Maxiumum Household Income $53,200: 100% financing to 660 credit score and above - 97% financing 620 - 660 credit score: 30 year fixed program rate with NO PMI
