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USDA Will Have Monthly Mortgage Insurance starting October 1, 2011

USDA Will Have Monthly Mortgage Insurance

USDA Rural Development and its loan program were designed to help improve the economy and quality of life throughout rural America. The program continues to remain a wonderful option for qualifying homebuyers, with zero down payment required.

But a change is coming!

Beginning October 1, 2011, for the first time in the history of USDA, the Single Housing Guaranteed Loan Program will have an annual fee. This fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal balance for the life of the loan.

If you're thinking of purchasing a home and you're wondering if you may qualify for a USDA loan, give me a call right away. Home loan rates are still very attractive. Let's see if this program is right for you...before the October 1 fee begins.

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 4 commentsJohn Cannata • May 17 2011 10:52AM

Comments

Why does the government continue to create programs that work for homebuyers only to change the terms to their favor?

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (PK Real Estate Utah South) over 6 years ago

Another hand in the cookie jar! and thanks for the heads up too.

Posted by Teral McDowell (Referral Patners LLC) over 6 years ago

Wanda - Thats something we would all like to know. Its one thing to 'change' the program... but its another to charge this additional money for these programs. First FHA insurance increases and now adding a charge for USDA. Its going to get tougher and tougher for a first time homeowner to buy a home without making some really good income.

Teral - You are absolutely correct.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

Wanda - Thats something we would all like to know. Its one thing to 'change' the program... but its another to charge this additional money for these programs. First FHA insurance increases and now adding a charge for USDA. Its going to get tougher and tougher for a first time homeowner to buy a home without making some really good income.

Teral - You are absolutely correct.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 6 years ago

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