Asked by Jennifer Sumerlin, Greenville, NC • Wed Sep 4, 2013
I got a independent quote from my insurance company for home insurance for the house we are buying. They never asked me what type of loan we were getting. Our original USDA loan seems to be falling through because there is a pool, so we are forced to switch to FHA. Our lender informed us that the home insurance on a FHA loan is more than what it would have been with the USDA loan. Why is this? The house value is the same no matter how it's paid for!
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