USDA Home Loan Changes Oct 1, 2012 PMI Update

Congress is wrestling  with how the USDA Rural Development Department should work.  In the most recent changes, they dictated that the USDA Home Loan program will be entirely self-funded.  What does that mean?  The USDA Home Loan Program will no longer be dependent on the U.S. taxpayers to stay in business.  Because of this,  USDA is changing how … [Read more...]

USDA Home Loan Change in PMI 12/11

USDA notified us that they are once again changing their "PMI" for their Home Loan Program.  USDA, like FHA and the Veteran's Administration don't actually "make" the guaranteed loans, they just insure the lender against default.  That "default" insurance is just like PMI, and unless you are putting at least a 20% down payment - you are going to … [Read more...]

USDA Home Loans in NC Are Affordable!

In North Carolina, we get RURAL in a hurry!  I mean you can be in an area where you hear Roosters when you wake up, and only have to drive about 25 minutes to your job at the Research Triangle Park!  One of the programs that folks in this area are interested in, because it IS available - is the USDA Home Loan that's been specifically designed for … [Read more...]

USDA Home Loan PMI Will Change 10/1/11

If you are looking for a USDA Home Loan in North Carolina - you might want to do it before the end of September!  More Rule Changes! Okay, so you don't HAVE to buy before October 1st.  It's not like the 100% no money down program is going away - it's just changing the way the PMI (which they call Guarantee Fee) is being charged.  Starting at the … [Read more...]

USDA Guarantee Fee Update 8/23/2010

The Single Family Housing Origination Department of the USDA Home Loan Program announced yesterday that they should have their computer systems up and running to accommodate the changes required by Congress in their fees. Since the end of May, USDA has been issuing "Conditional" approvals... and because of that, Wells Fargo, Bank of America (and … [Read more...]

USDA Home Loans have PMI?

USDA loans are the coolest loans on the planet right now, and most people don't understand that it has a form of mortgage insurance... Mortgage Insurance does not pay your mortgage off when you die (well, maybe there's a kind that does, but that's not what I'm talking about).  The PMI-type mortgage insurance is default insurance. It covers a small … [Read more...]