USDA loans are issued through the U.S. Department of Agriculture and are popular among buyers with no money for downpayment as 100% financing is available for those who meet eligibility guidelines. Although location requirements must be met, USDA loans can an alternative route to homeownership when you don’t have a 20% downpayment.
According to a recent announcement, beginning October 1, 2016, the USDA will lower fees associated with rural housing loans and refinances.
In an article by Ben Lane at housingwire.com, USDA officials claim strong performance within the USDA program and the lenders who participate in it, along with low borrower delinquency and foreclosure, are to credit for the slash in fees.
For borrowers, that means USDA home purchases and refinances will cost less. For more on this program, contact your SMC Mortgage Banker!
Source: http://www.housingwire.com/articles/37882-usda-slashing-mortgage-fees