Want a usda loan but how can I get the lowest rate on insurance possible
I know there's a no down option but if I put nothing down will I have an extremely high insurance rate? I'd rather put a little money down on usda if that's the case! Fico 700 by kriley9723249 from Cecil, Georgia. Aug 13th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
All USDA loans have mortgage insurance regardless of how much you put down.. but the rate is relatively inexpensive at .40% per year ($34 per $100K financed), but it's for the life of the loan, and the only way to get it removed is to refinance. USDA interest rates are lower than conventional rates, so you kinda get the best of both worlds.. low interest rate, and low monthly/annual mortgage insurance premium rates.. 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
CLYDE PENTON (GAlenderforheroes)
#89 ranked lender in Georgia - 27 contributions
What William said is absolutely correct. USDA loans are definitely the best of both worlds. I am a mortgage banker here in Georgia, and we offer USDA financing. Please contact me if you have any questions.Regards,Clyde PentonNMLS# 979755404.604.7013clyde.penton@cbcnationalbank.com
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