USDA Loan Mortgage Insurance going up

By
Mortgage and Lending with Cambria Mortgage NMLS 274132

USDA Rural Development LoansLooking to buy a home with a Zero Down Payment USDA Rural Development Loan?

You don't need to buy a home in a cornfield to use the USDA Rural Housing loan, but the property does need to meet their rural definition, and many areas qualify.

USDA loans, like most others, require mortgage insurance.

Effective October 1, 2014, the monthly mortgage insurance on a USDA loan will increase to .50%. This is up from the current .40%.

On a sample $100,000 loan amount, the new mortgage insurance costs would be $41.87 a month, up from the current $33.49 a month.

While no one likes the increased costs, USDA loans still have some of the lowest mortgage insurance costs of any home mortgage program, and is still an amazing value.

Learn more about USDA Rural Development Loans in MN, WI, and SD

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Topic:
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Location:
Minnesota
Groups:
Mortgages
All About Mortgages/Mortgage Networking
The FHA Mortgage Group
Minnesota Real Estate
Investment Property (USA)
Tags:
usda
mortgage insurance
wi
mn
usda rural development
sd
usda loans

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Rainer
1,025
rai saville

Very good loan offers for common man. recently the government has provided some ease of the rural mortgage loans, and guess the ease is also creating impact on the private money lender companies.

May 20, 2015 04:06 PM #2
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Rainmaker
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Joseph Metzler

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