Funding for USDA loans is still continuing although several changes have been proposed for the president’s new budget that would take effect October 1, 2011. Currently the guarantee fee for USDA is 3.5% of the loan size. This 3.5% can be built into your loan at origination. There is no mortgage insurance premium required. The [...]
Loan programs available from the United States Department of Agriculture (USDA) that could benefit borrower’s in many parts of Massachusetts and beyond. Known as the Guaranteed Rural Development Housing Section 502 Loans, these programs are designed for low to moderate income individuals or households purchasing a property in a “rural” community.
First Time Home Buyer’s Mortgage Primer
Given that rates are at all time lows, many buyer’s have asked me whether first time home buyer’s can qualify for these rates. So today I want to help buyer’s understand the various programs that are available, what rates might be offered, what down payments they may need and whether mortgage insurnace would be required.