Compare
Compare and you will see the advantages of USDA Rural Development No Down Payment Financing.
| Rural Development | FHA | Conventional | |
|---|---|---|---|
| Purchase Price | $ 200,000.00 | $ 200,000.00 | $ 200,000.00 |
| Minimum Down Payment | 0% = $ 0.00 | 3.5% = $ 7,000.00 | 5% = $ 10,000.00 |
| Base Loan Amount (1) | $ 200,000.00 | $ 193,000.00 | $ 190,000.00 |
| Government Funding Fee | 1% = $2020.00 | 1.75% = $ 3,378.00 | $ 0.00 |
| Total Loan Amount | $ 202,020.00 | $ 196,378.00 | $ 190,000.00 |
| Monthly Mortgage Insurance Premium | $ 58.02 | $ 134.62 | $ 142.50 (2) |
(1)When using a Rural Development Mortgage, if the appraisal value comes in higher than the purchase price, you may increase the loan amount to finance in settlement costs. (2) Monthly mortgage insurance premiums on conventional loans will vary based upon each individal borrower profile and current market environment. 680 credit score used in this scenario.