October tagged posts

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: www.madisonmortgageloans.com Visit us online at www.madisonmortgageloans.com Cory Kessenich NMLS ID #208789 cory.kessenich@madisonmortgageloans...

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The Beloved $0 Down USDA Home Loans to get more expensive starting October 1, 2012


The beloved zero down USDA home loan will now be more expensive starting October 1, 2012. even with this not so great news, it is still one of the best loans available for you. While the upfront fee has increased for refinances, it is not increased for purchases. Bear in mind that with the rates being so low these days, I can pay for this with my service release premium and none of it would be added to your loan amount. the annual or monthly insurance premium is more important to most people because it affects their monthly payment. While this has increased for both purchases and refinances, it has increased only 1/10 of a point. This is still three times cheaper then and FHA loan, which has a rate of 1.25% at 3 1/2% down payment...

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