Nucasa Mortgage is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, the Federal or State Government.
USDA uses two fees: an upfront guarantee fee that is paid by the applicant once when you close on the loan, and an annual fee, which gets lumped into your monthly mortgage payment. The upfront fee is 1 percent of the total financed amount, while the annual fee is 0.35 percent of the loan's current balance. Income and property eligibility requirements apply; visit eligibility.sc.egov.usda.gov complete details.
Borrower pays only the interest on the mortgage through monthly payments for the fixed term of the loan. Borrowers are required to pay off the principal of the loan. Borrowers are also required to make a one-time balloon payment due 6 months from the date of closing.