USDA Zero Down Mortgages To Cost More

According to June 29th article in Bloomberg Business by Jody Shenn and Alan Bjerga, the fee that buyers pay upfront on US Dept of Agriculture’s Rural mortgages, is going up.

As of October 1, 2015 “the upfront fee paid by buyers under the USDA program will rise to 2.75 percent, from 2 percent, according to an e-mail from David Sandretti, a spokesman for the agency.”

The reason for the increase? It’s “..from losses on properties financed during the last decade‚Äôs U.S. housing bubble..”

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