April 2015 Rural Development Interest Rates

April 2015 USDA Rural Development RatesUSDA Rural Housing interest rates for April 2015 remain pretty much the same as last month.  The USDA 30 year fixed mortgage interest rate for April 2015 is ranging about 3.875% with zero discount points. Of course all applicants have the option to “buy down” their loan interest rate lower by paying discounts points if they choose. Depending on how long a new buyer plans to live in a home will determine if paying loan points makes sense or not.  Any experienced loan specialist can break down the numbers in an easy to understand formula.

Existing Florida & Georgia borrowers that currently have a USDA mortgage can still refinance via the streamline USDA Pilot refinancing program.  The USDA Pilot program is just that… a “pilot” or test refinance program designed for existing home owners that may have difficulty refinancing  due to lost equity. The USDA streamline refinance program does not require a new home inspection, appraisal or any equity. Homeowners that are underwater or upside down on their loan can finally take advantage of April 2015 lower interest rates.   Read all the USDA Pilot Refinance Q&A here.

USDA Mortgage Source is Florida and Georgia’s 100% USDA loan leader. We are available to serve you 7 days week until 8pm.  Please call us at 904-302-6060 with any questions about interest rates or applying for a new loan. You can also submit the quick Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.

April 2015 Rural Development Interest Rates

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Where To Apply For USDA Loan

Where to apply USDA loanUSDA, also know as Rural Housing RHS mortgage loans are available to all qualified and eligible home loan applicants in Florida. The program is a 100% financing government backed 30 year fixed mortgage with low interest rates.  USDA’s most popular home loan program is the 502 guaranteed loan, this loan is available for all moderate income households with income below the USDA income cap see here.

In addition to the USDA 502 Guaranteed program, the USDA also offers the “Direct” program which is often used to serve lower income applicants. Applicants who want to apply for the USDA Direct program should contact their local USDA office directly.  Applicants with higher income wishing to apply for the USDA 502 Guaranteed program should contact any of the approved USDA lenders or banks in Fla.  Keep in mind, the Department of Agriculture and Rural Housing does not directly offer the 502 Guaranteed mortgage, these must be originated through approved USDA lenders only.

Applicants applying for the USDA mortgage can often apply over the phone in under 30 min.  The loan application process is pretty simple and quick. Loan applicants can read more about the USDA loan application process here.

To be eligible for the USDA Rural Development program, borrowers must meet two critical eligibility factors:  First, the home you purchase must be located in a approved USDA zone.  Second, your household income must be below the income cap.   Buyer can read all the most popular USDA FAQ’s here and things you need to know about the program.   Have questions or want to get started on the USDA loan process?  just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

Applicants that are not eligible for the USDA program, please contact us to discuss other min down payment mortgage options available here in Florida.

Where To Apply For USDA Loan

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FHA mortgage help fill the gap

FHA home loanUSDA is a terrific home financing option assuming the buyer is purchasing a home in an approved USDA area, and their household income is below the USDA income limits.  But what about those buyers looking to purchase homes in more populated locations like Orlando, Jax, Tampa, West Palm Beach, Miami, etc?  Or maybe households that make too much money to be eligible for USDA financing?  What option do these buyers have?

Enter the FHA home loan program.  The FHA mortgage help fill the gap for those buyers that don’t meet the USDA eligibility requirements.  Like USDA Rural Loans, the FHA mortgage program is government backed, safe secure 30 year fixed terms and offers easy credit qualifying guidelines.  The key difference with the FHA program is homebuyers are required to put down a 3.5% down payment, the program is not 100% financing like USDA.   However, the down payment can come in the form of a gift from family, etc.  Also like the USDA mortgage, the FHA loan has a one time up front mortgage insurance costs, along with a monthly ( PMI) costs. The one-time upfront FHA fee is currently 1.75% of the loan amount – which is normally rolled into (added) the buyers loan balance.  The monthly FHA fee varies based on down payment amount, but for max 97.5% financing, the costs is .85%  – or about $71.00 per month on a $100,000 loan.  Interested buyers can read here about recent FHA mortgage insurance changes here and most commonly asked FHA Q&A

Of course the primary benefit to the FHA loan option is there is NO special approved areas like the USDA RD loan.  Home buyers using FHA home financing can purchase anywhere, there is no restriction. Single family home, condo, townhome – just as long as the home is in good repair and meets all standard HUD requirements.  In addition, there is no household income limits with FHA. If a borrower makes very high income, that’s ok!

Buyers that have questions about getting pre approved for the FHA program can visit FHA Mortgage Source at www.fhamortgagesource.com or call ph: 904-302-6060, we are available to serve you 7 days a week.

Serving all of FL & GA –

Alachua County – Gainesville

Baker County – Macclenny

Bay County – Panama City

Bradford County – Starke

Brevard County – Titusville

Broward County – Fort Lauderdale

Calhoun County – Blountstown

Charlotte County – Punta Gorda

Citrus County – Inverness

Clay County – Green Cove Springs

Collier County – Naples

Columbia County – Lake City

De Soto County – Arcadia

Dixie County – Cross City

Duval County – Jacksonville

Escambia County – Pensacola

Flagler County – Bunnell

Franklin County – Apalachicola

Gadsden County – Quincy

Gilchrist County – Trenton

Glades County – Moore Haven

Gulf County – Port St. Joe

Hamilton County – Jasper

Hardee County – Wauchula

Hendry County – LaBelle

Hernando County – Brooksville

Highlands County – Sebring

Hillsborough County – Tampa

Holmes County – Bonifay

Indian River County – Vero Beach

Jackson County – Marianna

Jefferson County – Monticello

Lafayette County – Mayo

Lake County – Tavares

Lee County – Fort Myers

Leon County – Tallahassee

Levy County – Bronson

Liberty County – Bristol

Madison County – Madison

Manatee County – Bradenton

Marion County – Ocala

Martin County – Stuart

Miami-Dade County – Miami

Monroe County – Key West

Nassau County – Fernandina Beach

Okaloosa County – Crestview

Okeechobee County – Okeechobee

Orange County – Orlando

Osceola County – Kissimmee

Palm Beach County – West Palm Beach

Pasco County – Dade City

Pinellas County – Clearwater

Polk County – Bartow

Putnam County – Palatka

Santa Rosa County – Milton

Sarasota County – Sarasota

Seminole County – Sanford

St. Johns County – St. Augustine

St. Lucie County – Fort Pierce

Sumter County – Bushnell

Suwannee County – Live Oak

Taylor County – Perry

Union County – Lake Butler

Volusia County – DeLand

Wakulla County – Crawfordville

Walton County – De Funiak Springs

Washington County – Chipley

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March 2015 USDA Rural Development Interest Rates

March 2015 USDA Interest RateMarch 2015 USDA mortgage interest rates are starting off March a little higher than compared to a month ago.  But overall USDA interest rates are still lower year over year. USDA 30 year interest rates are currently in upper 3 percent range to 4% range with 0 discount points by most Florida mortgage companies and lenders as we start March.

The hot spring selling season is about to begin!  Home inventory should be increasing as the spring selling season heats up,  especially in the first time buyer price points. Mortgage borrowing costs are still super low and many home buyers can own a home now for cheaper than renting  –  says Amy Rhodes , USDA mortgage specialist. 

Attention existing homeowner that currently have a USDA mortgage –  Keep in mind the USDA Pilot loan refinance program is still available for you. The streamline Pilot refinance allows  Florida homeowners that currently have USDA mortgages to refinance into a lower interest rates, the best part is you can do so regardless of how “upside down” or “underwater” your home value is.  You don’t need a certain about of equity in your home to be eligible for the refinance.  This program is designed for the homeowners that were hit the hardest in the housing market decline years ago.  Additionally,  USDA streamlined paperwork and no new appraisal or home inspection is necessary. Read all the homeowners USDA refinance Q&A here.

March 2015 USDA Rural Housing Turn Times:  USDA Rural Development is currently taking about 40 days to close – from contract to closing.   The local Florida USDA office is currently taking about 14 business days just on their end of things from the time of lender / broker loan submission. Homebuyers that have questions about a specific loan already in process will need to contact their mortgage company or lender directly for timelines.

USDA Mortgage Source is Florida & Georgia’s 100% Rural Housing loan leader,  serving you Monday – Sunday, 9am – 8pm.  If you have questions about a new USDA loan pre approval, the pilot refinance or interest rates –  please contact us by submitting the short Info Request Form on the right side of this page Mobile users can find the Info Request Form here.  We are available to serve you  7 days a week at  ph: 904-302-6060

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How to Apply for USDA loan approval

USDA loan pre approvalPlease take few minutes to review the helpful video below on the USDA application  and how to apply for USDA loan approval.   Prepared homebuyers are less stressed homebuyers!   If you have questions about applying for USDA loan, just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

 

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