The USDA funding rate dropped from 2.75% to 1% in October of 2016 as well as the monthly mortgage insurance premium from .50% to .30% of the loan amount. Due to the decrease in foreclosures and delinquency rates, USDA could afford this reduction. The funding fee pays for the program and is built into the loan amount. The lowering of the funding fee and mortgage insurance premium results in a lower monthly mortgage payment for the borrower. As a reminder, this program allows for up to 100% financing, is specific for rural areas, and the interest rates are often lower than the conventional market rates.

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