Maximum Interest Rate (GRH Purchase Transactions Only)
The maximum interest rate for the Rural Development Guaranteed Rural Housing Program is defined as the FNMA 90-day actual-actual yield requirements plus 60 basis points, rounded up to the nearest quarter percent.
Each day USDA Loan will publish the maximum Note Rate as defined by FNMA on its Rural Housing Rate Sheet. These rate sheets are only available to Licensed and approved mortgage brokers.
Note: For Guaranteed Rural Housing refinance transactions, the interest rate of the new loan must only be less than the interest rate of the existing loan.
Found this information out through searching in google. Not sure if it's been posted before or if everybody already knows but I figured it would be good for any newcomers having questions about interest rates on USDA
Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)