Private Mortgage Insurance (PMI)
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Last updated 7 years ago
FHA loans are still the most popular financing option when obtaining a home loan, so we decided to share this info-graphic that better explains the new changes concerning FHA loan regulations. Keep in mind, one of the most important changes is the fact that PMI (Private Mortgage Insurance) will have to be paid for the entire life of the loan.
USDA rural development loans
USDA Rural Development’s guaranteed mortgage program. With this program, you apply to a participating lender (a bank) to obtain financing, and USDA Rural Development provides the private mortgage insurance. The premium for this private mortgage insurance is paid in one lump sum at the loan closing, versus you paying it every month. This, thereby, increases the amount of mortgage money for which you can qualify. Fundamentally, this is a loan backed up by the oomph of the Federal Government.