Posted on: 21 November, 2018
Author: vikram kumar
Then it’s high time you introduce yourself to USDA Mortgage, a lesser known loan service for the greater good of the Rural population. And, guess what you can ascertain your budget too by simply... Then it’s high time you introduce yourself to USDA Mortgage, a lesser known loan service for the greater good of the Rural population. And, guess what you can ascertain your budget too by simply using the USDA Loan Calculator. What is USDA Mortgage? The Mortgages that are guaranteed by the U.S. Department of Agriculture (USDA) are called the USDA Mortgages. There are one of the fewer loans that are still available at no down payment applicable on home purchases. For every rural area that comes under the eligible areas, USDA Mortgage is the best option available for them to buy houses of their own. They have certain limits as far as the income is concerned and eligibility criteria for the rural residents to qualify. USDA Mortgage Eligibility What is a USDA Loan Calculator? A USDA Loan Calculator is basically a payment calculator used by the USDA to calculate an accurate USDA Mortgage. It is done by accounting monthly USDA Mortgage insurance, homeowner’s insurance, USDA guarantee fee and property taxes. It helps people ascertain their monthly payments that they have to make against the loan they are planning to take. With the help of this, people can draw a budget and then search for a property or home that fits their budget. Source: Free Articles from ArticlesFactory.com Every lender has his way of calculating the mortgage, there are websites on the internet that can give you a snapshot of your monthly payments using the USDA Loan Calculator . The total amount calculated by the calculator is equals to Purchase Price plus USDA's Funding Fee less Down Payment (which is zero in case of USDA Mortgage ). As each borrower has his unique way so you should consult your lender to do the same for you.