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Old 01-20-2013, 05:48 PM   #21
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We are in the middle of closing, purchasing a home with a USDA Guaranteed Loan. It operates similar to other home loans as far as I can tell, with a few differences mentioned already (no money down, lower interest financing, no PMI or short term PMI, etc).
There are two different types of USDA Loans- Direct or Guaranteed. I think most of the "Direct" loans are subject to having the subsidy recapture, the "Guaranteed" loans are not. They are two completely different types of loans, and I think most people probably use the "guaranteed" loans.

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Old 01-20-2013, 09:53 PM   #22
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Quote:
Originally Posted by fallfromfender
We are in the middle of closing, purchasing a home with a USDA Guaranteed Loan. It operates similar to other home loans as far as I can tell, with a few differences mentioned already (no money down, lower interest financing, no PMI or short term PMI, etc).
There are two different types of USDA Loans- Direct or Guaranteed. I think most of the "Direct" loans are subject to having the subsidy recapture, the "Guaranteed" loans are not. They are two completely different types of loans, and I think most people probably use the "guaranteed" loans.
Thank you. I was trying to remember the two different names.
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