Currently an upfront guarantee fee of 3.5% is charged and no monthly Mortgage Insurance is required.
I have been notified effective October 1st 2011, the guarantee fee will be reduced to 2.00%, but there will be an annual MI of .30%. Thus increasing your monthly payment. Currently Rural Development loans in most instances require a minimum credit score of 640. For more information contact Gilda 918-808-0224
I have been notified effective October 1st 2011, the guarantee fee will be reduced to 2.00%, but there will be an annual MI of .30%. Thus increasing your monthly payment. Currently Rural Development loans in most instances require a minimum credit score of 640. For more information contact Gilda 918-808-0224
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