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The Mortgage Mashup Blog

New USDA fees

Posted on August 26, 2016 at 2:50 PM

Exciting News!!! USDA is reducing their fees across the board . Starting October 1st, the upfront fee will be reduced from 2.75% to 1.0% of the loan amount and the monthly will be reduced from .50% to .35%. Example of what this means for you. A $200,000 loan previously had a fee charged by USDA that was rolled in to your loan of $5500. Now, that fee would be $2000. In addition, the monthly premium was previously $80.62 per month and now that will have dropped to $58.91 per month.

 

USDA is a great program as many properties are approved for this special financing which allows you to borrower up to 100% of the purchase price of a property. Most of Martin county is zoned USDA and lots of properties in Palm Beach county . Please contact me with any questions.

 

Respectfully,

 

Vincent J. Fiordilino

561-745-3344

[email protected]

Categories: Programs and Guidelines

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