April 2016 USDA interest rates are starting out a little higher when compared to last month. The average USDA 30 year mortgage rate currently sits around 3.5-3.75% as we begin April. This rate assumes good credit (over 680 credit) and no discount points.Borrowers with lower credit scores ( 620-679) can expect slightly higher rates.
The Spring time home buying season has started, there are some great opportunity out there especially for first time home buyers. Interest rates have remained very attractive, and should remain this way for most of 2016. 100% USDA Rural Housing is a perfect way for buyers to purchase their first home with no money down. J. Chambers -USDA loan specialist.
USDA Closing Turn Times April 2016 – USDA closing times can vary state to state. However, the average time it takes to close is around 30-35 days from contract. USDA RD is taking about 2-5 business days for their part of the process (conditional commitments) Buyers that already have a USDA in process should contact their lender directly for current turn times.
USDA Pilot Refinance – The USDA pilot refinance remains a great opportunity for home owners that currently have a USDA mortgage. The streamline pilot refinance program allows homeowners to refinance into a lower interest rate even if they have no equity in their home. No appraisal, no home inspection and reduced paper work makes the process easy. Read all about the USDA Rural Refinance O&A here. Home owners that have other types of mortgages ( FHA, Conventional, VA) can contact us to learn more about their refinance options.
Questions about applying for a new USDA loan, or refinancing a current USDA mortgage? Please submit the short Info Request Form on the right side of this page for quick service. Mobile phone users can find the Info Request at the top of their page. You can also call us 7 days a week at ph: 800-743-7556. We are happy to assist home buyers in all 50 states.