Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: USDA 100% purchase program is now even better

USDA 100% purchase program is now even better

The USDA 100% purchase program has always been an excellent option for eligible properties. Now USDA has lowered the loan fees significantly, effective for October 2016. The new upfront guarantee fee is 1%. Down from 2.75%. The monthly fee is reduced to 0.35%.

These reductions are substantial. They could save families who use USDA 100% financing as much as $200 to $300 yearly in their mortgage payments.

USDA finances home purchases for moderate income families in mostly rural areas. The biggest determiners for eligibility are the income limits for home buyers and the location restrictions for the properties.

In Hamilton County, income limits for a 4 person household are $75,650. For 5 or more persons in a household, the maximum income is $99,850.

Property location should be verified. In general, Thrasher Pike and Hunter Rd are good approximations of the boundary for eligible areas.

Call with any questions about being approved or about property eligibility.


Thank you for visiting. This is the professional blog for

Richard Smith
NMLS# 184479 TN# 104002 Georgia Residential Mortgage Licensee, GA#28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development (USDA), THDA and Jumbo Loans


Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Company

Cell phone: 423-280-0345 Email:  Richard.Smith@FairwayMC.com

Visit my website to inquiry about a home loan.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Fairway Independent Mortgage Corporation.

 
Comment balloon 1 commentRichard Smith • September 15 2016 09:42AM

Comments

Hi Richard Smith

Great to see you back in the 'Rain!

We like your writing style!

We wish you great success with your blog posts and networking with other members of Active Rain!

We clicked the “Follow” button on your profile so that we will be alerted to your future blog posts and can read and comment on them, and we invite you to "follow us" - should you be interested. There is no requirement or obligation for you to do so, but we would be honored if you choose to do so!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 1 year ago

Participate