Under the new guidelines, effective October 1, 2016, USDA announced it will lower its upfront fee from 2.75 percent to 1 percent of the total mortgaged amount. The annual fee will also be reduced from 0.50 percent to 0.35 percent. This change is in effect until September 30, 2017.
USDA Rural Development and its loan program strive to help more families achieve the American dream of homeownership by providing qualifying borrowers the opportunity to own a primary residence in eligible rural areas.
If you or someone you know would like to see if you qualify for a USDA loan, or if you have any other questions about home loans, feel free to call or email me today.
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
text or call phone: (502) 905-3708