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USDA Guarantee Fee Dropping October 2011

Month: September 2011

USDA Guarantee Fee Dropping October 2011

Posted on September 28, 2011 by Anthony Bird - Buying a Home, Local Michigan, Refinance

Starting October 1 2011 the USDA guarantee fee will drop to 2% of the total loan amount down from the current 3.5%. The USDA has decided to transition into an annual fee model similar to the FHA (Federal Housing Administration). An annual fee of .3% of the loan amount will be charged on a monthly… Read more »

FHA loan limits reduced on October 1 2011

Posted on September 18, 2011 by Anthony Bird - FHA Mortgage, Local Michigan

The FHA loan limit will revert back to previous loan limits of 2008 for all loans insured by FHA on or after October 1, 2011. The Federal Housing Administration (FHA) temporarily increased the FHA loan limits under the Housing and Economic Recovery Act (HERA) to help speed the recovery and stabilization of the United State… Read more »

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