Ask the lender to show the monthly payment with the yearly fee in it, so you compare the whole bill.
What fees come with a USDA loan?
A USDA loan has an up-front fee, which can be added to the loan, and a smaller yearly fee paid in your monthly payment.
More questions
- Can I use a VA loan on a new construction home?Yes. Most new homes in Florida and Georgia can be bought with a VA loan, and many builders work with VA buyers every day.Read the answer
- Can I use an FHA loan on a new construction home?Yes. FHA loans are common on new homes, and they help buyers with lower credit scores or a small down payment.Read the answer
- What is a USDA loan, and can I use it on a new home?A USDA loan is a home loan with no down payment for homes in places the USDA counts as rural. Many new communities on the edge of town qualify.Read the answer
- Do I have to be a first-time home buyer to get a good loan?No. Most loans, including low and no down payment loans, are open to people who have owned a home before.Read the answer