Good Faith Estimate

[UTloanofficer]

If you qualify for an USDA loan, go for it, they're good loans. The interest rates are about the same, but the USDA annual fee will be much cheaper that FHA. And you can finance 100% of the loan, no need for a downpayment. 

[ezdriver]

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@juice wrote:

Can i bother you guys with one more question? I'm full approved in contract but the seller realetor told me about usda loan that the area is eligible for is this a better loan then the fha one that i posted before?

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USDA loans do not require any downpayment so you can finance up to 100% of the lower of purchase price or appraised value. I am surprised that your loan officer did not discuss that option with you. That was very nice of the listing agent to tell you that.

I have sold a lot of homes that were in USDA-eligible area. Unfortunately, the area in which I am current selling homes is not USDA-eligible.

[mccallb]

If I did the math right, thats 7461.  Is that how much you had to put forth for your GFE?  Is this in addition to a downpayment? (Sorry, jsut curious)