USDA Loans

September 2011

As of October 1, 2011, the upfront guarantee fee on USA loans went to 2%, but there will an added monthly fee of .3% for the LIFE of the loan.  The guarranty fee for refinance transactions is 1.00%.  This program is available in all 50 states.

USDA Loan Criteria:
Applicants may have an income up to 115% of median area housing market
Family must be able to afford payments, taxes, insurance and have reasonable credit history. 
Family must NEED housing
30 year loan
Interest rate set my lender
No required down payment
Housing must be modest in design, cost, size and meet building code
New Manufactured housing must be permanent
Existing Manufactured housing not allowed unless it is REO guaranteed loan or formerly secured

Check out the other Financial News and Updates Pages for information on VA Funding Fees, FHA Lending Limits, Fannie Mae/Freddie Mac Appraisals, USDA Loans, First Time Homebuyer Assistance and contact Cara Mancuso, REALTOR for Tucson, Marana, Oro Valley, or Vail AZ with your questions!

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