Does a RD Loan have PMI ?
Because my Loan Officer has on my loan application a amount for $4.480.00 for pmi funding by julesrules from , . May 16th 2011
Brian Blonder (bblonder)
#31 ranked lender in Maryland - 3 contributions
No, Rural Development loans insured by USDA does not have PMI.
Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions
USDA RD loans do not have Monthly PMI, but they do have a charge of 3.50% of the amount borrowed as an upfront mortgage insurance premium (or RD Guarantee fee). They allow you to finance in the cost of the Upfront Mortgage Insurance Premium/RD Guarantee fee. This is charged on ALL USDA loans, regardless of the lender.
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