USDA loans require a capped deductible on homeowner’s insurance. The borrower’s deductible can only be the greater of $1,000 or 1% of the Policy Coverage.
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Rule Synopsis: [tweet-start]USDA caps the maximum homeowner’s insurance deductible to the greater of either $1000 or 1% of the policy coverage![tweet-end] USDA Rural Development recently published revisions to portions of handbook HB-1-3555 via Procedure Notices 494 (published 1/27/2017) and 495 (published 3/15/2017). Of interest are changes to Chapter 16 and Chapter 6. There are few […]