What is the quality of a USDA mortgage? My husband and me for approval, but I’m not sure how it works.?

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We have been approved, but I heard they like FHA loan and I heard, I need to stay away from this type of loan. I wonder if I decided to refinance later on the road there was a penalty and I would have something to repay the USDA.

2 Comments
  1. Reply
    golferwhoworks
    January 27, 2011 at 11:53 pm

    two kinds of these loans. No recapture and some with recapture.I would stay away from the recapture loan as when you do refinance they take a chunk of the equity in value back as they have subsidizes the loan for lower note payments. These are the hardest to refinance

  2. Reply
    Riley
    January 28, 2011 at 12:42 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

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