The department of Rural Development (administers USDA loans) has announced an increase to the annual fee (paid monthly) for both purchase and refinance transactions that will take effect on October 1, 2014.
The annual fee for both purchase and refinance transactions will be increasing from 0.40 percent to 0.50 percent. The new annual fee will be effective for all RD Conditional Commitments issued on or after October 1, 2014.
Increases like this are never good, but this is still way better than FHA’s 1.35%.
In a side note: If you haven’t done so already make some plans to spend time with people you love this up coming three day weekend! …Labor day weekend is a good weekend to spend with family.
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