10-12-2013 06:27 PM
10-14-2013 07:46 AM
Every lender is different and you don't need to wait to ask the question because lenders are not shut down, only USDA guarantees are shut down. The closing costs also depend on the area (city and state), so you should shop based on the lender's costs then ask what the rest of the costs are.
10-16-2013 02:34 PM
10-18-2013 06:56 PM
Thanks, now that governments back (yay!) I got to talk to her. Incase anyone wonders she expects it to be 3-4K (including escrow). The only disadvantage it the wait it takes to go through the process. After talking to many bankers I definatly find the advantages to outweigh the wait. Lower closing costs (can be rolled into mortgage), low interest rates (I was told 3.75 last month), no downpayment nor PMI. Plus I am able to get much more than I could elsewhere (150K whereas it would be like 50K through FHA). Great program!
10-19-2013 11:24 AM
Remember, all USDA loans have their own version of PMI -- it's called their guarantee fee and it's permanent, not just down to 78% like conventional. Good luck with your home purchase.