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Guide to USDA Home Loans

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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Understanding the USDA Home Loan Process

Posted in Guide to USDA Home LoansPosted by Maple Tree Fundingclose up of hands holding living house model over American flag

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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New York USDA Loan Income Limits

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

As of May 4, 2020, 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…

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USDA Loans for First Time Home Buyers

Posted in Guide to USDA Home LoansPosted by Maple Tree FundingHappy young African American couple celebrate moving into their first home

Purchasing your first home can be an exciting and, in some ways, overwhelming experience.  With many mortgage options to consider, one of the most overwhelming aspects of home shopping for first time home buyers is often the process of understanding, evaluating, and selecting the best financing option. For many first time home buyers in rural areas of New York, USDA home loans are an ideal financing option.  Considering a USDA mortgage? We review some of…

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