Effective October 1, 2016, (the start of fiscal year 2017), program fees for the USDA's Rural Development guaranteed home loan program will be significantly reduced.
The USDA loan will become more affordable. The up-front guarantee fee will change from 2.75 percent to 1 percent of the loan amount. The annual fee will change from .50 percent to .35 percent of the average scheduled unpaid principal balance for the life of the loan.
This program helps approved lenders work with low- and moderate-income families living in rural areas to make homeownership a reality. It provides the opportunity for these families to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.
Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
Want to learn more about the USDA Loan? Have a question about your eligibility? Talk to an expert today. Contact Trish Cole, NMLS 120968, Loan Officer at Veterans United Home Loans of Puget Sound.
10514 156th Ave E Suite 104 Puyalup WA 98374. (253) 617-6200. Veterans United Home Loans is a VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. NMLS # 1907 (nmlsconsumeraccess.org). License # CL-1907. An Equal Opportunity Lender.