|The USDA has announced exciting changes that will be implemented in October 2016. USDA is a great product that offers 100% financing, zero down payment for certain rural areas.
Effective in October 2016, there will be two big changes to the USDA product:
- The Up Front Funding Fee will be reduced to 1%. It currently stands at 2.75%. This reduction can help to reduce the total loan amount.
- The Monthly PMI will be reduced to .35%. It currently stands at .50%.
These two significant changes by the USDA program will certainly be welcomed and will help borrowers to obtain their dream home.
Senior Loan Officer
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