All USDA loans current charge 1.0% for the Guarantee Fee on ALL loans regardless of purchase or refinance. The Annual MI or Monthly Factor is .35 basis points
For example on a $100,000 Kentucky USDA Property with no money down financing the following USDA Guarantee fees and annual mi would be as follows:
$100,000.00 loan amount x .01% = $1,000 Guarantee Fee. The total loan amount would be $101,000 with the guarantee fee being financed into the loan over 30 years.
The annual monthly mortgage insurance premium would be calculated as follows:
$100,000 x ..35 = $350 a year or $29.00 a month. This annual mi fee to USDA is for life of loan now.
