Thursday, August 9, 2012

Important USDA Mortgage Insurance Information

Yes, I am a commercial agent, and when relevant residential information to 1/3 of Chatham County presents itself I don't mind publishing it.

USDA loans available for those of you west of I-95.

The USDA has announced changes to their Single Family Housing Guaranteed Loan Program. Effective for all USDA Conditional Commitments received on or after October 1, 2012, there will be an increase to the annual and up-front fee.
With this change, the annual fee (used to calculate the monthly mortgage insurance that is part of the payment) will increase from 0.30% to 0.40% of the loan amount, which will be applied to both purchases and refinances. In addition, the current up-front fee will be increased from 1.50% to 2.00% for refinances only.
This update courtesy of:

Steve Nimmer, Mortgage Advisor
PHH Mortgage and its Brands Divisions
NMLS: 186680
Savannah, GA
888-850-1272 eFax (toll-free)


A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

No comments:

Post a Comment