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 years or when the loan to value of the property reaches 78% - like with FHA or Conventional loans.
Learn more about Rural Development housing by visiting www.UsdaMortgageSource.com
Serving the state of Florida 7 days a week, USDA Mortgage Source is Florida’s Government home loan leader. Questions? We would love to hear from you! Call us at 904.302.6060 or stop by www.UsdaMortgageSource.com
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