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USDA Update Effective October 1, 2011 New Annual Fee and Decreased Upfront Fee

Effective October 1, 2011, USDA Rural Housing loans will have a new annual fee that will be 0.3% of the loan amount. This yearly total will then be spread out over 12 payments which in turn is added to your monthly payment. This fee will be recalculated yearly based on the current principal balance for the life of the loan. Also, the upfront fee will be decreased from 3.5% to 2%. This fee can continue to be rolled into the loan amount so that you don’t have to pay it out of pocket at the closing table. For additional information on VA loans, visit our VA page of our website: Visit us online at Cory Kessenich NMLS ID #208789 cory.kessenich@madisonmortgageloans...

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