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Is private mortgage insurance required?

April 26, 2017bad credit private mortgage insurance short sale

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Is private mortgage insurance required?

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No, there is a one time 2% USDA guarantee fee. In most cases you will be able to add this to your loan if you dont want to pay the fee upfront. How does this program compare to a FHA mortgage? In most cases the USDA mortgage will be better than FHA if you qualify. USDA is 0% down and FHA is 3% or more down. Also FHA charges an extra % fee added to your payment and USDA doesnt. The rate is usually similar or better with USDA. What if I dont qualify for a Texas USDA rural development mortgage? It’s best to consult with a loan specialist about your loan options. In most cases USDA is a great way to acquire your new home with no money out of your pocket. How long does it usually take to close a rural mortgage? This can vary, three weeks is typical. If I am ready to get started, what is the first step? Give us a call at 800 547 9081 today.