+1 vote
I am in a FHA 30 year loan and would like to refinance into a USDA loan. I do qualify. My goal is to get rid of a high MIP which is still at the pre-Obama rate. I will need an appraisal since this will not be a streamline refinance and plan to do some anticipatory exterior painting to spruce up before that happens but have been watching the rates.
asked Feb 9 in USDA Loans by anonymous

1 Answer

0 votes
VA LOANS mortgage rates are normally the lowest out of the three government loans. Government mortgage interest are normally lower than mortgage rates of Conventional Loans.  This is because lenders have the insurance of the government in the event borrowers default on their mortgage loans and the property forecloses. The best way to insure the best mortgage rates is to have the highest credit scores possible. This can easily be done by paying down credit cards to less than 10% utilization ratio. There is no standard rates on government and/or Conventional Loans.  Every mortgage banker has their own pricing. I would shop rates with several lenders. Don't have them pull credit. Just get a quote.

Gustan Cho NMLS 873293
answered Feb 9 by GustanCho (107,040 points)
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