Great news for towns that are in locations that USDA Loan can be done in, USDA Has Funding Once Again. However, along with the new funding comes an increase the the USDA Upfront Fee from 2% to 3.5%. Even with this increase in the Upfront Fee, USDA is a great Loan Program choice for those that are purchasing a home in a town that it is available in.
Some of the reasons why USDA should be a Loan Program to be considered is:
- No Downpayment
- Does not have Monthly Mortgage Insurance (PMI).
- Up to 102% Loan To Value (LTV).
- Can role in Closing Costs & Repairs if it can be supported by the appraisal.
- Does not have a maximum purchase price.Qualifying Ratio's are 29/41 and above with a Ratio Waiver.
- Minimum 620 Credit Score.
Since USDA Has Funding Once Again, you might want to read one of my previous blogs on USDA Loans for more information on them http://activerain.com/blogsview/1013583/usda-loan-program-part-ii
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
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