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It has just been announced that USDA loans monthly Mortgage Insurance will be increasing on 10/1/11.  These changes apply to any case number ordered on 10/1/11 and after.  Currently USDA loans have no monthly mortgage insurance, but after 10/1/11 that will be increasing to .30.  On a $100,000 loan that will equal to a $25 increase in the borrowers payment.

On a positive note the upfront Mortgage Insurance Premium will decrease from 3.5% to 2%.  This move in by itself would decrease the payment by $8 a month. 

In the end,  on and after 10/1/11 USDA loans with have an increase in payment.  On a  $110k loan it will be an increase of about $17 a month.  Keep in mind that not only is this a small increase but USDA loans are also an amazing program.  They allow 0% down payment and the monthly mortgage insurance is still about 1/3rd of what the monthly mortgage insurance is for a FHA loan.  If you are buying a home located in a rural area, USDA loans are the best way to go.  To find out if a home qualifies for a USDA loan check out: USDA.  They do have income requirements for home buyers so call me today to see if you qualify for  a USDA loan. 

 

 

 

 

David Krichmar 

Mortgage Banker/Broker

Schmidt Mortgage Company

Approved MCE Instructor

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

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Posted by David Krichmar on March 10th, 2011 1:16 PMPost a Comment (0)
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