Special offer

100% FINANCING, USDA LOANS FOR HERNANDO,SUMTER,CITRUS COUNTIES, NO MONEY DOWN

By
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. Conventional loans also require at least 5% down and monthly mortgage insurance. 

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                             5%                                        3.5%                                          0%

LOAN AMOUNT                             $95,000                                 $96,500                                    $100,000

 INTEREST RATE                             3.941%                                 3.656%                                    3.750%

EST. APR                                          5.063 %                                4.499%                                   3.913%

                                                                                                                                                                                                                                                                                                                                                  ESTIMATED MONTHLY PAYMENT

PRINCIPAL & INTEREST                $450.32                             $446.19                                   $472.38         

MONTHLY MORTGAGE INS.            $53.04                       $91.69                                      $0.00

ANNUAL PREMIUM(monthly)                                                                             $24.79     

TOTAL                                                 $503.36                             $533.88                                   $497.17

Payments do not reflect property taxes or insurance.

Comments (0)