usda funding fee: USDA Monthly Mortgage Insurance /PMI Coming
- 09/15/11 02:13 PM
This is just a reminder to all protective Florida USDA home buyers that starting Oct 1st the cost of USDA home loans are going up…slightly. USDA Rural Housing will be adding a monthly mortgage insurance premium (like FHA, etc) on top of the already present USDA Rural Housing funding fee.Technically this will not be traditional PMI (Private Mortgage Insurance) that most people have heard of, but an "annual fee" charged monthly. The difference with the USDA monthly premium is that it will be charged over the life of the loan – 30 years. It will not be canceled after 5 … (0 comments)
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