USDA Rural Development Update

Sep 26
Category | Home Buyers

Here we are coming to the end of another month .... where does the time go?  What makes the end of this month special is that come next Wednesday, October 1st, 2014, is that the calculation used for determining Mortgage Insurance on a USDA Rural Development mortgage loan increases from 40 bps to 50 bps.  Don't let this scare you though.  For First Time Homebuyers, I still think that this is an awesome loan and one of the best available.  The only negative is that the Undrwriting turn-times for the state of Oregon are running approximately 30 business days, therefore making a transaction take close to two months to close.  Make sure that your Realtor knows this if making an offer to purchase!  Please contact me with any questions that you might have.

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