USDA Rural Housing interest rates for July 2015 have started out on pretty much the same note. July 2015 Mortgage Interest Rates – After some big swings over the last few days, USDA interest rates have settled pretty much the same place as we started last month. As we start July, rates are in the upper 3% to lower 4% range depending on credit score. Buyers should be mindful of their credit score because this plays a big roll in the final interest rate they receive. Higher credit scores (720+) mean lower risk to lenders, thus lower rates to the borrower. The opposite applies for lower credit scores below 640.
Volatility in Greece is still setting the stage for the stock and bond markets. U.S. stocks sold off big time early this week as markets digested news of new controls in Greece and the country veered toward a default on its debt. However as of Wednesday everything has pretty much bounced back.
USDA Rural Housing still provides Florida home buyers a way to purchase a home with no down payment. In addition to this, buyers often do not even pay closing costs as the program allows for seller paid closing costs. Buyers can learn more about eligible locations and qualifying guide lines at www.usdamortgagesource.com
Attn: Homeowners that currently have a USDA loan – if you are still paying higher interest rates on your home loan you may be eligible for the USDA Pilot Refinance Program. The Pilot refi program is a great way for homeowners that currently have a USDA loan to refinance into a lower interest rate in July. To be approved for the streamline USDA refinance homeowners must have the following:
- The new USDA interest rate must be at least 1% lower than the current mortgage rate.
- Income for the household must be below the USDA limit here.
- Must have a USDA mortgage, and one-time payments for the last year.
- Upside down home values are ok! The Pilot refi program does not require a new appraisal evaluation.
- Not out of pocket costs – all closing costs and the 2% required USDA funding fee (Guarantee Fee) can be rolled into the new loan. Please note this 2% USDA Guarantee Fee is increasing to 2.75% in October 2015 – homeowners should take application before the increase. The USDA guarantee increase will cost the homeowner’s about $1,000 in additional costs for an average loan amount.
Read all the USDA Refinance Q&A here.
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