Richard's Real Estate Thoughts - Fairway Independent Mortgage Corporation NMLS #2289: 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.


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Richard Byron Smith
Mortgage Loan Officer
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

Cell phone: 423-280-0345 Email:  Richard.Smith@FairwayMC.com
Branch Contact: Fairway Independent Mortgage Corporation,
2115 Stein Dr, Suite 215, Chattanooga, TN  37421
Office Phone: 423-280-0345  Office Email: richard.smith@fairwaymc.com

Mortgage Loan Officer helping home buyers in Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Corporation
NMLS #2289
Chattanooga, TN

Equal Housing LenderNMLS

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.

 Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. Georgia Residential Mortgage Licensee #28928. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

 

Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com

 

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Comment balloon 1 commentRichard Byron Smith, NMLS #184479 • September 15 2016 09:42AM

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Hi Richard Smith

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