THE STORY OF USDA UNDERWRITING
The early beginnings of the United States Department of Agriculture are rooted in an act that was signed into law by Abraham Lincoln in 1862. Lincoln's rural background growing up in Kentucky is cited as one of the influences on the passage of the bill. USDA represents the American commitment to the support of agriculture,
The Story of USDA Underwriting
The early beginnings of the United States Department of Agriculture are rooted in an act that was signed into law by Abraham Lincoln in 1862. Lincoln's rural background growing up in Kentucky is cited as one of the influences on the passage of the bill. USDA represents the American commitment to the support of agriculture, and rural development offers a variety of loan products, one of which is the guarantee program.
Guaranteed rural housing loans, also known as Section 502 loans, are designed to serve rural residents with low to moderate income by providing flexible financing and encouraging homeownership. In fact, these loans in many ways are one of the most flexible mortgage options when compared to other income-based and low down payment options. With today's tight real estate market, USDA programs have even more appeal as new construction can be supported in areas that include locations just outside more metropolitan, non-rural areas.
Effective October 1, 2016, the annual mortgage insurance fee paid monthly was reduced to .35%, and the new upfront fee dropped to 1%. These lower fees along with the 90% guarantee add great appeal to this product.
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Contact us for more information about these programs and available training options.
How it Works
The instructor will arrive 30 minutes before class. We ask you arrive no later than 10 minutes by clicking on the link provided to you via email before the start of the course.
Our classes are considered at maximum capacity once 30 students have registered and typically fill up two to three weeks prior. We recommended reserving your spot early as early as possible to assure you "get a seat" in the class you most prefer.
Diehl has gotten a "Stamp of Approval" from Underwriters for over 30 years!