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Also 1 point is usually equal to 1% of the mortgage amount. So I like to say it is like paying interest upfront to lower your monthly payment. This is sometime done to make the monthly payment more affordable and help a low income person qualify for the loan.... more
I believe that all those towns are eligile. All of Sussex County is and all of Warren County except for Phillipsburg. See link to the page on the USDA web site. Direct loans are not through mortgage lenders. As I realtor, I can help you with the local USDA office. You can contact me by phone as well, 973-670-5304... more