Great news for USDA borrowers!
The upfront Mortgage Insurance (MI) fee will reduce from 2.75% to 1% and the annual fee will reduce from .50% to .35%. That is great news as it will reduce the cost of this program for buyers. There is also a rumor that USDA will go to fully delegated U/W on October 1st, which would mean no more waiting for USDA commitments to be issued. We’ll let you know when and if that happens.
Thanks to Robert Fillyaw of FBT Mortgage for updating us about this news. Keep them in mind since they are one of the only lenders that will send a file to USDA before it is fully clear to close and run that process concurrent with clearing the file, saving your precious time.
https://content.govdelivery.com/accounts/USDARD/bulletins/1460d77
Rabell Realty Group, LLC
Kristen: 352-213-6760
Rebecca: 352-275-9900
Rabell Realty Group, LLC - Gainesville, Fl Real Estate 