Guide to USDA Home Loans
What are the Advantages of a New York USDA Mortgage?
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
Whether you’re purchasing your first home or you’re looking to relocate from your current home into a new house in New York State, a USDA mortgage could be a great option. With competitive rates, flexible requirements and no down payment required, NY USDA loans are a popular choice among the home buyers who qualify. Curious about the benefits and advantages of USDA mortgages? We review 6 key ‘pros’ of New York USDA mortgages here. USDA…
Continue Reading »FHA Loans vs. USDA Loans
Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree Funding
When choosing a loan program, it’s important to understand your options. Let’s take a look at two different types of popular government loan programs – FHA loans and USDA loans – and how they compare to one another. Weighing Your Options: FHA Loans vs. USDA Loans Government mortgages are backed by the government, as their name indicates, meaning that the government ensures repayment to the bank or lender if you happen to default on your…
Continue Reading »New York USDA Loan Income Limits
Posted in Guide to USDA Home LoansPosted by Shane Latza
As of July 22, 2019, the USDA Rural Development Single Family Housing Guaranteed Loan Program has increased the USDA home loan income limits for all counties throughout the United States, including counties in New York State. While USDA loan income limits do vary based on geographic location and household size, this latest update has increased income limits across the board. Understanding USDA Mortgage Income Limits USDA home loans are intended to assist those with modest…
Continue Reading »USDA Loan Fees for the 2020 Fiscal Year
Posted in Guide to USDA Home LoansPosted by Shane Latza
The USDA Loan fees for FY 2020 are: an upfront guarantee fee of 1.0% of the loan amount, and an annual fee of 0.35% of the loan amount. These fees apply to both home purchases and refinance transactions during the 2020 fiscal year, which runs October 1, 2019 through September 30, 2020. On October 1st, 2016 the USDA implemented the changes to the loan fees, reducing the guarantee fee from 2.75% to 1.0% of the…
Continue Reading »How To Find A USDA Eligible Property
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
When shopping for a home, there are many factors to consider. One important factor to consider is the type of mortgage or home loan you will use to finance your home purchase. USDA mortgages offer a variety of benefits and advantages, and there are numerous areas throughout the state of New York where home purchases do qualify for USDA home loans. This leave many NY home buyers curious as to whether or not they are…
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