Lower USDA Fees

usdaLower USDA Fees

 

Good news!

 

Both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance using USDA Rural Development’s home loan program will decrease on October 1, 2016, the first day of fiscal year 2017.

 

The upfront guarantee fee will drop from 2.75% to 1%, and the annual fee from 0.5% to 0.35%.

 

This could possibly mean more buying power! Income limits and credit approval will apply, but this could be a wonderful opportunity for anyone you know considering buying a home in an approved rural area.

 

Want to know more? Click here to find a loan officer in your area!

 

ABOUT INLANTA MORTGAGE

Headquartered in Pewaukee, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

In 2016, Inlanta Mortgage was recently named a Top Workplace for a third consecutive year. Inlanta has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine. Inlanta has also received the Platinum Million Dollar USDA Lender Award.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

USDA Loans – Mortgage Guidelines

About USDA Loans

What Are USDA Loans?

The USDA Rural Development Loan Program, or USDA loans for short, are designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. The USDA Rural Housing program is for residential purchases and rate-and-term refinances only – no cash out refinancing. All USDA loans are 30-year fixed rate mortgages.

USDA Loans – No Down Payment

One of the most appealing features of USDA Rural Development loans is that you can finance a home with no down payment. In other words, you can finance 100% of a home’s purchase price via the USDA.

USDA Mortgage Insurance

The USDA Rural Housing Program requires an upfront mortgage insurance fee at closing. The amount varies depending on loan size, but is relatively cheaper than FHA mortgage insurance premiums. If the upfront mortgage insurance premium is a burden, the USDA allows gifts from family and non-family members. A licensed Inlanta Mortgage loan officer can explain the USDA mortgage insurance requirements in more detail.

USDA Loan Eligibility

In order to utilize the USDA Rural Housing Program, your home must be located in a rural area. Although the term “rural” might not seem to apply to you – several suburbs and outlying communities of most major U.S. cities meet the USDA property location requirements. Check your property eligibility here: Rural Housing Property Eligibility.

Since the program is designed to help low-income individuals or households purchase homes – the USDA Rural Development Program also has income limits. Check the income limits for your area here: USDA Rural Housing Income Limits.

Apply for USDA Rural Housing Mortgage Loan

Inlanta Mortgage is an approved USDA Rural Housing Program Lender. Use our branch locator to find a licensed mortgage loan officer near you, or apply online now. If you apply online now, we will match you with a loan officer licensed to originate loans in your state.

The information provided in this post is not meant to be comprehensive. For more information on USDA mortgage loans, contact a licensed mortgage loan officer directly.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is a proud recent recipient of a Top Mortgage Lenders 2012 Award from Scotsman Guide and was recently recognized as one of the Fastest Growing Firms in the Milwaukee-Area by the Milwaukee Business Journal.

USDA Rural Development Loan Program Changes Delayed

USDA Loan Program Changes Delayed

The USDA rural development loan program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA rural development loans, you can finance 100% of the home value with no down payment.

The U.S. Department of Agriculture announced this week that changes to the USDA rural development loan program scheduled to take place on October 1st will be delayed until March 27, 2013. This is great news for rural home buyers looking to taking advantage of record low mortgage rates.

On October 1, 2012, the USDA was expected to revise its definition of “rural.” This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.

Communities in Wisconsin that could be affected if the change is implemented next March include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well.

For a complete list of communities that may potentially be affected by tighter rural development eligibility restrictions click here.

Are you house shopping in a rural community? Click here to determine if your property is eligible.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage was named a 2012 Top Workplace in Southeastern Wisconsin.