Does usda mortgage insurance last for life of the loan?

If you have that much money to put down you may not qualify for USDA and other options may be better for you, especially with the very larger up-front PMI cost for USDA which may be more thay you would pay for private PMI. A good mortgage lender will look at your overall situation and recommend the best option for you. Let me know if I can help

I believe it does.

Yes, as far as the insurance. If you were to put more money down then there may be other, more favorable options for you to consider. For more information please e-mail me at pete.bass@everbank.com

USDA , is made for the middle to low income ,so you might want to check out other loan options.. The proerty has to qualify as well and the borrower , Your income needs to be in the matrix, and without this information, it is hard to give you the correct advise linda yourloanpartnerforlife@liv.com

sorry linda at yourloanpartneforlife@live.com

YES... USDA mortgage insurance is for the life of the loan. You should discuss with a Loan officer other options if you have down payment money. For USDA loans in MN, WI, and SD - visit www.JoeMetzler.com/usda

Great question, this is a good way to be thinking. USDA mortgage insurance (MI) does last the entirety of the loan. When you have the option of putting money down, there are other options like Conventional that has a ton of options for MI, including risk based pricing, expiration of MI once you hit certain equity milestones and single pay MI that can be very cost effective. Since mortgage interest rates are very similar from different lenders, many borrowers are now looking for lenders that know how to "structure" a loan to get you the best deal. Your question demonstrates you would easily understand the benefits of this approach. I have an office in East Lansing, but work with borrowers and Realtors in Metro Detroit. Let me know if you'd like more information. Mike Silkworth - msilkworth@unionhomemortgage.com - 517.489.2328 - www.MikeSilkworth.com

USDA and FHA both have lifetime MI.. the only way to eliminate it is to payoff your loan or refinance into a different loan.. if you have VA benefits available to you, then with VA there is no MI.. just an upfront funding fee... but with $13K available, you can go conventional and once you have paid MI for 2 years and once you reach 20% equity, you can petition your lender to drop the MI and you wont have to refinance to do it.. Also, USDA is a good loan if you have no funds, but it's not the best "Cost effective" loan.. These loans are only allowed for properties located within a specified USDA area.. with every other type of loan, you are not restricted to location.. you can buy anywhere. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Yes. With that large amount of cash on hand USDA may ask that you use a different loan program, I have seen it before since you have a down payment.

Agreed, it does stay on for life. If you can swing 3.0% down there are other options. I have a good discussion of USDA loans on my website: http://www.mtnmortgageguy.com If you are in CO I would be please to assist you personally. Chris Neuswanger at Macro Financial Group or email me at mtnmortgageguy@gmail.com