USDA/Rural Development Is Changing Their Annual & Guarantee Fees
Here's some good news for those residing in areas where USDA loans are allowed courtesy of George Souto. (They are in all of Martin County as far as I know.)
On October 1, 2016 USDA/Rural Development Is Changing Their Annual & Guarantee Fees on all conditional loan commitments. These day fee changes seem to be for the worst not the better, but in the case of USDA/Rural Development it is an improvement.
On October 1, 2016 USDA/Rural Development will lower their Guarantee Fee (same as a funding fee) from 2.75% to 1.00%, and their Annual Fee (same as MIP) from .50% to .35% on all conditional loan commitments. A conditional loan commitment is the date the Underwriter has fully underwritten the loan, and it is ready to be submitted to USDA/Rural Development for their approval and reservation of funds.
USDA/Rural Development is limited to towns in rural areas, but it is an excellent loan program for Borrowers who are purchasing a property in a qualifying town. Hopefully FHA will follow USDA/Rural Development lead and lower their UpFront Funding Fee (1.75%), and Mortgage Insurance Premium (MIP .80% - .85%) as well.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam,# Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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