USDA Home Loans have PMI?

USDA Home Loans also have a form of default insurance (PMI), and it’s a Guarantee Fee. The actual dollar amount is a rather complicated formula, and it ends up being about 2.05% – but most people use 2.% as a rule of thumb for prequalifying purposes.

PMI For VA Loans??

Veteran’s have a great benefit with VA Financing.  It’s a 100% loan, and in most cases, the seller can pay for closing costs.  It’s a conservatively underwritten loan, so there is little chance that 5 or 6 years from now a Vet is going to be in trouble with a mortgage that they can’t afford! [...]

Government Loan Update to Guidelines

And in the blink of an eye – while I was checking my Blackberry – there it was. More guideline changes!  Holy Cow Batman! Many of that Nation’s Banks changed guidelines to show that FHA, VA and USDA minimum credit scores (some people call them FICO scores) are going to 620. What does this mean – [...]