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 »The USDA Loan fees for FY 2022 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 2022 fiscal year, which runs October 1, 2021, through September 30, 2022. 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 »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 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…
Continue Reading »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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