If I give a down payment for USDA can i forego paying the mortgage insurance?

There is no mortgage insurance (PMI) on a USDA loan. That's one of the benefits of this loan program. Even better, USDA mortgage rates are often the lowest among FHA mortgage rates, VA mortgage rates, and conventional loan mortgage rates.Let me know if I can help....kim.jones@lionbank.com

No.. all USDA loans have MI regardless of the down payment amount and the MI is for the life of the loan.. the only way to cancel it would be to refinance using a different loan product, or pay off the loan. If you have a down payment, then you should be considering using conventional financing.. with conventional, even if you have to pay MI, once you have paid for 2 years and once you have 20% equity, you can ask to have the MI removed, and you wont have to refinance to do it.. 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

FYI.. USDA charges 2% upfront which can be financed, and 0.5% annual fee paid monthly and added to your mortgage payment.. 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

There IS something like PMI on a USDA loan it is just called something different. You have to pay it regardless of your downpayment. If you have money for a downpayment, let your lender help you figure out what mortgage option is best for you, USDA may not be.

You will be paying mortgage insurance

OMG... Sorry for the wrong answers some people put here... ALL USDA LOANS have Mortgage Insurance based on a factor of .50% of the loan amount. I do a ton of USDA loans in MN, WI, and SD. You can NOT opt out of the USDA monthly mortgage insurance regardless of down payment. If you have down payment money, maybe a USDA loan is not the correct loan for you... Contact a local mortgage broker in your area for potential other options where you may be able to buy of out monthly PMI. www.JoeMetzler.com/usda

No mortgage insurance needed.