Borrowers often refinance in order to save money. This was not always the case with the USDA loan, though. Because of the hefty fees to obtain a USDA loan, many borrowers could not refinance. This year things changed drastically for USDA loan holders. Not only did the fees decrease for USDA loans, but they opened up a pilot program, which made refinancing possible in many areas of the country. The USDA initially offered the pilot … [Read more...]
Can Seller Pay Closing Costs on USDA loan?
Closing costs can be as much as 5-6% of a home’s purchase price. On a $150,000 loan, you’re looking at as much as $9,000. Even though you don’t need a down payment for the USDA loan, this is still a lot of money. What happens if you don’t have this much? Are you stuck renting for the rest of your life? Luckily, there are options. One way is letting the seller pay the closing costs. Here we will discuss how this may happen. What are … [Read more...]