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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.
Posted on 4/28/14 at 10:41 pm to hawkeye007
My RD loan (closed Mar 31st) locked in at 4.2%
ETA: USDA may be lower but they rape you in PMI
ETA: USDA may be lower but they rape you in PMI
This post was edited on 4/28/14 at 10:43 pm
Posted on 4/29/14 at 5:49 am to LSUengineer12
quote:
ETA: USDA may be lower but they rape you in PMI
Not true. RD finance fee is a fraction of traditional loan PMI
Posted on 4/29/14 at 8:01 am to Lion4Life
Exactly, I did USDA loan and I was able to get 3.25% while I could only get 3.5% on a conventional so even though you have a small PMI fee over the life of the loan it was still cheaper for me because of the .25% lower interest rate.
Posted on 4/29/14 at 9:56 am to LSUengineer12
FHA does the rapeing on PMI RD is just a small fondleing. the PMI rate on RD is actually very small compared to other types of loans.
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