Rural Development Loan Changes

This type of loan is getting more expensive on October 1, 2015, so if you're considering it, now is the time to save some money.

No money down, conventional loan, good for first time home buyers. On October 1, 2015 the upfront guarantee fee is going up to 2.75% from 2.00%, so a buyer's closing costs will increase. This type of loan is only available in rural areas with a town population of less than 20,000 people. Read about the geographic boundary rules here.

If you're thinking of moving out of renting and into home ownership this fall, doing so before October 1 will save you some money. Read more about the changes here.