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What are differences between a USDA Guaranteed Mortgage and FHA Mortgage?

We went through a house that we really like and saw that it was USDA eligible.  Is there any advantage to a USDA mortgage over a 30 year FHA mortgage?  We are first time home buyers in the Pittsburgh, PA area.

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May 15 2012 - Staten Island
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Answers (1)

A lender can verify, but I believe the USDA loan has no PMI, while the FHA loan does.  That savings from no PMI can be substantial.  Also, check with your lender, there may be a minimum holding time before you can sell the property without a pre-payment penalty on the USDA loan.
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May 15 2012
 
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