USDA Rural Development 2016 Loan Improvement

USDA currently offers a wonderful zero down loan program and it’s about to get even better. These updates will on average save a homeowner $4,375 in the upfront guarantee fee AND around $400 a year in your mortgage payments. (assuming a $250,000 loan amount) Call me for free quotes and to see if your future home is eligible for a USDA loan.

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USDA announced a reduction in the upfront guarantee fee and monthly/annual fee effective with Conditional Commitments issued on or after October 1, 2016 through September 30, 2017. Effective October 1, 2016 the guarantee fees will be significantly reduced.

The upfront guarantee fee will change from 2.75% to 1.0% of the loan amount.

The annual fee will change from 0.50% to 0.35% of the average scheduled unpaid principal balance for the life of the loan.

Call anytime for free quotes!

Judy Kristensen Senior Mortgage Loan Officer NMLS # 266551 Company #1788

757.620.8698   judy.k@spmc.com

 

 

 

 

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