Mortgage Insurance Rates Are About To Go Up On This Program…
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Some news and little known facts on the USDA Home Loan program…
The annual MI is going up on USDA loans. …On October 1, 2012 (the first day of Fiscal Year 2013) the annual fee for new loans, both purchase and refinance, will increase from .3% to .4%.
Things you should know about the USDA streamlined refinance program…
1) No appraisal required.
2) No property inspections.
3) Credit report required for pricing, not eligibility!
4) No ratio requirements.
5) New term of loan must be 30 years.
That’s it for today!
Brett
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