For all USDA Rural Housing mortgage loans - effective on October 1, 2014 (the start of Fiscal Year 2015) USDA Rural Development will revise the Up-Front Guarantee Fee and Annual Fee structure as follows:
Up-Front Guarantee Fee (One-Time)
FY 2012 |
FY 2014 |
|
USDA Purchase Transactions (no change) |
2% |
2% |
USDA Refinance Transactions |
1.5% |
2% |
Annual Fee (Monthly Fee Paid)
FY 2012 |
FY 2014 |
|
USDA Purchase Transactions |
.30% |
.50% |
USDA Refinance Transactions |
.30% |
.50% |
This Fee chart will remain in place until Oct 2015. The USDA Rural housing program is still 100% financing, with no down payment needed. In addition, the monthly mortgage ( or PMI) is still considerably LESS when compared to FHA home loans. Stop by www.usdamortgagesource.com to learn more about the USDA program requirements and qualifying here in Florida. You can also call us at 904-302-6060
ATTN NEW UPDATE - new changes to the USDA fee's will start Oct 1st 2015 - please click the highlighted link about the latest USDA loan fee's.
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