Tag Archive : usda mortgage

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USDA Zero Down Loans Will Have Mortgage Insurance

       Latest News & Updates / USDA Guidelines & Rules / USDA Zero Down Loans

There are some sweeping changes coming in the Fall of this year (2011) which will make Mortgage lenders more accountable for the loans they fund and approve; some speculate that this is the part of the reason the USDA has chosen to tack on Mortgage Insurance (just like FHA’s) to the monthly payment. Thankfully, we the tax payers won’t be…… Read More »

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Too much in the bank can disqualify from USDA Zero Down????

       USDA Guidelines & Rules / USDA Zero Down Loans

Yes! True, according to the USDA rulebook, Borrowers can be ‘able’ to get FHA (or VA) financing, but if they have 20% down for an UNINSURED Conventional loan, they’ve apparently got no business applying for USDA :). Here’s the exact verbiage from the USDA rulebook. (Remember these types of loans were brought in to assist ‘moderate income’ families who didn’t…… Read More »