how much is usda mortgage insurance?

The USDA mortgage insurance premium is 0.40% annually regardless of the type of home, type of transaction, credit score etc. Any USDA loan has this fee and it remains in effect for the life of the loan. Here it is straight from USDA: http://www.rurdev.usda.gov/SupportDocuments/IL_GRH%20Lender%20Program%20Guide.pdf

USDA charges 2% upfront, and the annual premium is 0.04% annually, which is about $34 monthly for every $100K financed.. for your $200K home, about $68 monthly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Same as answers below - 0.40% annually ($34 per $100,000 financed. But - your question brings up a potential concern. Where are looking at purchasing a property? Tucker? Asking because you mentioned a Condo. Keep in mind that in order to use USDA - the property must be in a USDA designated area. You will be hard pressed to find an acceptable property in Tucker - or anywhere in either DeKalb or Gwinnett Counties - and when you do find a property - even more hard pressed to find a rural Condominium. You can use this link to check property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfpMight want to consider HUD home as well - only $100 down payment required.Local Atlanta Lender. happy to help in anyway I can. Briggs Cline. 678-578-0600. www.buckheadhomeloans.com

Hi Dan, The USDA monthly mortgage insurance (annual fee) is 0.40% and the Upfront Guarantee Fee is 2.0%...both apply no matter what type of home it is that USDA will allow financing on.I would suggest speaking with a local loan officer who can go over all of this in detail and provide you with a pre-approval so you know exactly what your walking into when you make an offer. Best wishes, Sean

Looks like John and William are on top of the answer.