Guide to USDA Home Loans
USDA Loan Fees for the 2023 Fiscal Year
Posted in Guide to USDA Home LoansPosted by Shane Latza
The USDA Loan fees for FY 2023 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 2023 fiscal year, which runs October 1, 2022, through September 30, 2023. 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…
Continue Reading »What is Considered “Rural” When It Comes to USDA Home Loans?
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
USDA home loans are a terrific option for many home buyers who qualify, as they offer 100% financing and very competitive interest rates. In order to qualify for a USDA mortgage in New York, you must meet certain specific USDA eligibility requirements. These requirements include the criteria that the property being purchased must be located in a rural area. But what does rural technically mean when it comes to USDA loans? We break it down here….
Continue Reading »New York USDA Loan Income Limits
Posted in Guide to USDA Home LoansPosted by Shane Latza
As of June 8th, 2022, 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 2021. Understanding USDA Mortgage…
Continue Reading »Why Would My USDA Home Loan be Denied?
Posted in Guide to USDA Home LoansPosted by Web Admin
Did you know there is an option for rural homebuyers in upstate New York that doesn’t get much publicity? It’s true! USDA loans are loans guaranteed by the federal government to help low-to-moderate income families buy homes in rural areas. They require no money down, and the interest rates are often very competitive. USDA loans provide 100% financing for eligible buyers who are looking to purchase their primary home and/or refinance their existing home. If…
Continue Reading »USDA Mortgage Refinancing: Understanding Your Options
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
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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