• 2016 USDA Monthly and Upfront Fees


    USDA loans are geared towards rural areas and must be reviewed with income and location guidelines as well as debt to income guidelines.  Typically a 31/43 debt to income ratio with a 620 credit score are the minimum guidelines.  Please contact us to discuss how to finance this product and we can also advise on closing costs and whether or not the property fits in the USDA location for you.  There is a proposed reduction to make USDA more attractive in the near future.  They adjust each year or review each year and make adjustments or stay the same similar to County loan limits.  See below for some details.  

    Currently, upfront guarantee fees are 2.75% of the total amount of a loan. Annual fees are currently .50% and factored into your monthly mortgage payment.

    Effective October 1, 2016 thru September 30, 2017, this upfront fee reduces to 1.00%, and the annual fee will reduce to .35%.