Is there mortgage insurance for USDA loans?

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I’m just trying to research my loan options to get myself the lowest payment possible and the USDA loan looks very promising. The only question that I can’t seem to find an answer to is whether or not it will require Private Mortgage insurance like an FHA loan. If anyone knows that would be great. My location is in Northern Virginia if that helps at all.

2 comments to Is there mortgage insurance for USDA loans?

  • Go with the flow  says:

    Yup requires PMI.
    Anytime that you put less than 20% down you have to pay this.

    Note: Putting 0% down (USDA) is not a good idea.
    You could be immediately underwater in the value of a home.
    Also, the home has to be considered rural.
    Do you want to spend $500 a month in gas going to work or going to walmart?
    And do you want your kids taking a 1 hour bus ride to high schools?
    Hard to sell homes in rural areas. If you need to re-selll in the future.

  • Ariaread  says:

    Any time a buyer puts down less then 20% there is a monthly PMI. That is money down the drain. It does not go toward principle

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