Www Houseloanmortgageloans Tag Freddie Mac House Loan Mortgage Loans NEW FHA vs USDA COMPARISON

OVERVIEW OF A $200,000 HOME PURCHASE     

  SELLER TO PAY ALL CLOSING COSTS

                                                                               FHA                                  USDA

  DOWN PAYMENT                                           $7,000                                  0

CLOSING COSTS                                                     0                                       0

MIP                                                                       $2,000                              $7,000

LOAN AMOUNT                                                 $195,000                           $207,000

INTEREST RATE                                                    4.375%                               4.5%

P&I                                                                          $973.61                          $1048.84

MI                                                                             $146.25                                0

TOTAL PAYMENT                                                  $1119.86                         $1048.84

If you have buyers who have lower FICO scores and no no down payment money then the USDA program is the program for your buyer.  The new FHA is not as borrower friendly.  Higher FICO scores are necessary and as the chart shows payments are higher.                             

Interesting times in Webster, Ma.