USDA MORTGAGES,HERNANDO,SUMTER,CITRUS COUNTY,100%FINANCING,NO MONEY DOWN LOANS,

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Mortgage and Lending with Bay to Bay Lending

USDA loans are a fantastic way to purchase a home with no money down and 100$ financing.  They allow low and moderate income borrowers to purchase modestly priced housing for their own as their primary residence.

USDA loans have a funding fee much like VA loans which can rolled into the mortgage.  FHA loans have an upfront morgage insurance premium of 1% but they also have a montly insurance premium which is 1.15% of the loan amount. 

With USDA you can buy a home with NO MONEY DOWN  and have lower monthly morgage payments than with a FHA loan with  a 3.5% down payment.  Please look at sample loan comparison chart I have provided below and you will see the difference between a Convential mortgage, a FHA mortgage and a USDA mortgage.  I am doing this loan comparison on purchasing a home for $100,000.00

 

LOAN TYPE                          CONV. 30 YR FIXED              FHA 30 YR FIXED              USDA 30 YR FIXED

DOWN PAYMENT                             20%                                      3.5%                                          0%

LOAN AMOUNT                             $80,000                                 $96,500                                    $103,500

INTEREST RATE                             4.50%                                   4.50%                                      4.50%

APR                                                  4.858 %                                5.579%                                   4.814%

LOAN TERM                                    30 YEARS                              30 YEARS                                30 YEARS

 

ESTIMATED MONTHLY PAYMENT

PRINCIPAL & INTEREST                  $405.35                              $493.84                                      $  524.42

PROPERTY TAXES                              $100.00                             $100.00                                       $100.00

HAZARD INS. PREMIUM                   $100.00                             $100.00                                       $100.00

MORTGAGE INS. PREMIUM                   $0                                    $91.80                                             $0

 

EST. TOTAL MONTHLY PAYMENT         $605.35                               $785.64                                   $724.42

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hernando
sumter county
100 financing
citrus
no money down loans
usda loans
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Laurie Toland

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