February 2016 USDA Interest Rates, Closing Times: February USDA Rural Housing loan rates are starting off the month pretty low, we are actually seeing rates start to flirt with low levels of a few months ago. As of February 2016, current USDA 30 year fixed rates are starting off the year much lower versus a year ago. USDA 30 year interest rates are currently in the mid to high 3 percent range with 0 discount points by most lenders and mortgage companies as we being February.
USDA home financing and borrowing costs can’t get much lower for first time buyers, they have a great opportunity right now. Be sure to look into owning a home with USDA financing before signing another lease this year – says Laura Summers , USDA mortgage specialist.
Also remember if you are an existing homeowner that already has a USDA RD home loan, you still have options to refinance your loan into a lower rate and possibly save hundreds each month. The USDA Pilot refinance program allows homeowners (in select states) 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 any equity in your home. This program is designed for the homeowners that were hit the hardest in the housing market decline. Additionally, USDA streamlined paperwork and no new appraisal or home inspection is necessary, You can read all about the USDA Pilot refinance requirements here.
As for closing times for February 2016 – USDA Rural Development is currently taking about 35-40 days to close. The local Florida USDA office is currently taking about 5 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 a national leader in USDA Rural Housing loans, serving you Monday – Sunday, 9am – 8pm. If you have questions about a new USDA loan pre approval, rates or maybe a refinance – 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 at the top this page. We are available to serve you 7 days a week at ph: 800-743-7556
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