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Guide to USDA Home Loans

USDA Mortgage Refinancing: Understanding Your Options

Posted in Guide to USDA Home LoansPosted by Maple Tree FundingCalculator with wooden house and coins stack and pen on wood table representing a USDA mortgage refinance

USDA home loans can be hugely advantageous for those looking to purchase homes in rural areas throughout New York State.  Because they deliver 100% financing to people who meet the eligibility requirements, and offer a number of other benefits – including low monthly mortgage insurance, flexible credit score requirements and the possibility of rolling closing costs into the mortgage – they’re an especially great option for first time home buyers!  If you’ve obtained a USDA…

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FHA Loans vs. USDA Loans

Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree FundingYoung couple consulting with mortgage broker about FHA vs. USDA home loan options

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…

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New York USDA Loan Income Limits

Posted in Guide to USDA Home LoansPosted by Shane LatzaUSDA Loan concept. Man holding book.

As of May 12, 2021, the USDA Rural Development Single Family Housing Guaranteed Loan Program has updated the USDA home loan income limits for counties throughout the United States, including counties in New York State. USDA loan income limits vary based on geographic location and household size. This latest update has increased income limits for some regions, while the limits for other areas have remained the same as they were during 2020. Understanding USDA Mortgage…

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USDA Loan Fees for the 2021 Fiscal Year

Posted in Guide to USDA Home LoansPosted by Shane LatzaHomeowner calculating changes in mortgage payments based on 2016 changes in USDA loan fees

The USDA Loan fees for FY 2021 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 2021 fiscal year, which runs October 1, 2020 through September 30, 2021. Back on October 1st, 2016 the USDA implemented the changes to the loan fees, reducing the guarantee fee from 2.75% to 1.0% of…

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Posted in Guide to USDA Home LoansPosted by Maple Tree FundingUSDA mortgage FAQs graphic with FAQs letters on blocks

USDA home loans are a popular choice among first time home buyers and repeat home buyers alike – and for good reason. They offer a variety of benefits, including competitive rates, flexible qualification standards, and the option for 100% financing in some cases.  But although they are so popular, many home buyers don’t know all the details about USDA mortgages as they’re approaching the home financing process. As a result, some home buyers don’t initially…

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