topic Re: USDA Guarantee Loan and Interest Rate in Mortgage Loans

USDA Guarantee Loan and Interest Rate

Anonymous — Tue, 24 Jan 2012 20:44:14 GMT

Hope someone here can give me a better understanding of what I'm to expect: I plan to apply for a USDA loan next month. The income I make is fine. My question is if I go to a lender with a credit score of 660 and mortgage rates (30 yr. fixed) remain near what they are now, do I have a "decent" shot at getting an interest rate of around 3.8%-4%? My hope is to lock it in at no more than 4%. Is this realistic with a 660 score? Appreciate all advice.

Re: USDA Guarantee Loan and Interest Rate

wallacecody25 — Tue, 24 Jan 2012 21:15:51 GMT

My mid score was 659 and I got 3.75% about a week ago with a USDA loan.

Re: USDA Guarantee Loan and Interest Rate

Anonymous — Tue, 24 Jan 2012 22:25:19 GMT

Wow-great to hear! If you don't mind my asking, did you go thru a "local" lender or a nationaly known mortgage lender. I live in Ms. and am still debating the best route. Thanks so much.

Re: USDA Guarantee Loan and Interest Rate

wallacecody25 — Wed, 25 Jan 2012 00:13:46 GMT

Umm. It was through Iberia bank. They are only in a few states, so a very small bank compared to the big boys. It was a very good/painless experience.