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Seeking advice on USDA loans vs. FHA
Posted on 7/29/20 at 6:00 pm
Posted on 7/29/20 at 6:00 pm
Have two separate lending options available FHA and USDA. just seeking general advice
3
Posted on 7/29/20 at 6:36 pm to Gamecock1990
If it qualifies for both, just pick the one with the best financials, but this is more than likely the USDA loan.
You could possibly qualify for no money down and the mortgage insurance should be cheaper than the FHA.
You could possibly qualify for no money down and the mortgage insurance should be cheaper than the FHA.
Posted on 7/29/20 at 6:47 pm to Gamecock1990
I dont believe USDA has PMI so I would roll with thag
Posted on 7/29/20 at 8:55 pm to Gamecock1990
Go RD because it’s 100% and your MI is lower than FHA
Posted on 7/30/20 at 6:32 am to ellesssuuu
Where does one go to get a RD loan?
Posted on 7/30/20 at 6:37 am to pioneerbasketball
Most lenders can do an RD loan. Your income just has to be below 90,300 to qualify.
Posted on 7/30/20 at 6:45 am to LSU1018
Can this be done at a local bank or do I need to go elsewhere?
Sorry to the Op for derailing.
Sorry to the Op for derailing.
Posted on 7/30/20 at 6:53 am to pioneerbasketball
Some banks may have them but all mortgage companies will have them. Where are you located?
Posted on 7/30/20 at 6:54 am to pioneerbasketball
Local lender like GMFS, Assurance, Hancock, etc. Everyone should be able to do it.
Posted on 7/30/20 at 7:03 am to ellesssuuu
Arkansas.
Posted on 7/30/20 at 9:57 am to ellesssuuu
Thanks. I like the USDA package better than FHA. PMI is for the life of the loan - a minimum of 45,000 for nothing. One hell of a finders fee
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