Rates just went down, now is the time to buy a home.
Originally posted on Wilmington NC real estate:
There is still USDA 100% financing money available on certain homes in the area. This is a possible Scenario –
$100000.00 Purchase Price
2% Guarantee Fee ($2000.00) added to the purchase price equals a financed amount of $102000.00
If the interest rate were 3.875% (APR 4.12%) the principal and interest would be $479.64
***then add the monthly amount of .03% which in this example would be $30.60***
The payment is $510.24 before taxes and insurance
Click Here for a partial list of USDA homes in New Hanover County –
USDA is still an amazing loan and this monthly fee should not discourage buyers from using this program because this is most often the most economical way to purchase a home.
New American Mortgage
USDA Quick Guidelines
· 100% Financing on a low 30 year fixed rate
· No PMI
· 2% Guarantee Fee (Ex. Purchase price $100000.00…
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