Benefits of the USDA Payment Reduction Plan



No Closing Costs

Our “No Closing Costs” USDA Streamline has zero downfalls since all the closing costs are paid for you and are not added into your loan balance like many other Lenders!

No Appraisal Required

Not only do you not have to pay for an appraisal, but this streamline loan does not rely on the value of your home, therefore no appraisal is required.

Reduced Monthly Fees

The USDA mortgage insurance reduced from 0.50% to 0.35% of the unpaid principal balance. But, you MUST refinance to take advantage.

Get Started

Documents Needed:

  • Copy of a valid Photo ID
  • Copy of your recent mortgage statement
  • Home Owner’s Insurance contact information or declaration’s page
  • Copy of a recent utility bill to verify occupancy
  • Copy of your Note
  • Income Documents, including Tax Returns, W-2s, 1099s for past 2 years

Requirements

  • You must currently have a USDA loan
  • You must not have any payments that were made more than 30 days late in the last year
  • 1.00% up-front Mortgage Insurance Premium at origination
  • Subject property must be a primary residence. Cannot be used for secondary/rental properties

 

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IN THE NEWS - 10/1/16, USDA SLASHES FEES ON LOANS

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USDA SINGLE-FAMILY HOUSING LOAN GUARANTEE PROGRAM

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