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USDA Funding Fee
What Is USDA Funding Fee
Posted by at 26th January, 2010
What Is USDA Funding Fee
The USDA funding fee is required by law. The fee, currently 2% on no down payment loans for a first-time use, is intended to enable the borrower who obtains a USDA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers.
Example:
Purchase Price: $100,000
Funding Fee: 2% or $2,000
Finance Loan Amount: $102,000
Category : Uncategorized / USDA Funding Fee / USDA Loans (0) Comment
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