USDA Upfront Guarantee Fee and Annual Fee Increase - Oct 2014

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Mortgage and Lending with Tampa Bay Florida FHA, VA, USDA & Jumbo Mortgages NMLS#237468

The U.S. Department of Agriculture (USDA) announced they will be increasinUSDA Rural Development Loang the upfront guarantee fee for refinance loan transactions as well as the annual fee on all purchase and refinance Rural Development home loans on October 1st, 2014. 

 

The upfront guarantee fee for the USDA Rural Development purchase transaction loan has not changed and will stay at 2%. The upfront guarantee fee for a refinance transaction loan has changed from 1.5% to match the purchase loan at 2%.

The annual USDA guarantee fee has changed for both purchase and refinance loans from .4% to .5%. 

 

The USDA Rural Development loan still remains one of the best choices for homeowners that qualify. The USDA loan offers 100% financing and the guarantee fee (mortgage insurance) is still more cost effective than its closest counterpart, FHA. 

 

Posted by

Joshua LeretteAn experienced mortgage industry professional, Joshua Lerette has helped home owners and potential home buyers across the country purchase andrefinance their homes for over 11 years. Based in Tampa, FL, Joshua Lerette is an well known expert in the industry and extremely well versed in mortgage products available to potential clients including FHA Loans, VA Loans, USDA Loans, Fannie Mae and Freddie Mac home mortgage loans as well as Jumbo Loans to help potential home buyers and home owners either purchase or refinance.

 
 
 
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Comments (1)

Alen Bine

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Apr 21, 2019 03:45 AM