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Rural development question
Posted on 4/28/14 at 2:41 pm
Posted on 4/28/14 at 2:41 pm
Do lenders offer different rates or are the rates set by the govt. Would it be worth shopping around for this type of loan. Excuse my ignorance on the subject.
2
Posted on 4/28/14 at 2:46 pm to dave12345
Set by the government in the fact that they use the current market rate. And as long as you fall withing their parameters of annual income and credit score you should be able to be approved.
Each of your lending companies are vying for the same individuals, so the rate should not be different between companies and should hover around that market price
Each of your lending companies are vying for the same individuals, so the rate should not be different between companies and should hover around that market price
This post was edited on 4/28/14 at 2:54 pm
Posted on 4/28/14 at 3:14 pm to dave12345
the rate is NOT set by the goverment. lenders can make money off your interest rate by giveing you a higher rate. USDA 30yr fixed rate should not be higher than 3.875% right now.
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