Guide to FHA Home Loans
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 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…
Continue Reading »USDA Loan Fees for the 2021 Fiscal Year
Posted in Guide to USDA Home LoansPosted by Shane Latza
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…
Continue Reading »USDA Loan FAQs
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
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…
Continue Reading »Understanding the USDA Home Loan Process
Posted in Guide to USDA Home LoansPosted by Maple Tree Funding
USDA home loans offer a number of benefits, which make them a popular option among many of the home buyers we work with. They provide the option for 100% financing, flexible qualification standards, and competitive interest rates, among other advantages. As a result, they are a financing option that gives some who might not meet the qualification standards for other mortgage types the opportunity to purchase a home. Curious about the USDA home loan process?…
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