A mortgage with no down payment must charge PMI, right? If you are talking about USDA loans, there isn’t Private Mortgage Insurance. However, you will pay other fees. Here we help you understand what you will pay and for how long. Then you can make an informed decision regarding USDA financing. What Does the USDA Charge? Just because the USDA doesn’t charge PMI, doesn’t mean they don’t charge other fees. Right now, you’ll pay an … [Read more...]
Allowed Seller Paid Closing Costs on a USDA Loan
Closing costs can add up quickly. Before you know it, you owe more than $5,000 just to close on your loan. For some people, this is not possible. One possibility for help with paying the costs is to get the seller’s help. Oftentimes sellers are willing to help in order to get the approval. If it means they can sell their home, they may be willing to provide financial assistance. This, of course, is as long as they still make a profit on … [Read more...]
Understanding USDA Eligible Rural Property Guidelines
USDA loans are one of the most lucrative financing programs available on the market today. With 100 percent financing, attractive interest rates and simple guidelines, it has reached a higher level of popularity in recent years. The guidelines set forth for this type of loan is done by the USDA; this is the entity that has determined where the USDA eligible properties lie and how to find them. The original goal of this program was to … [Read more...]
