These are Today's Rates
(Friday's rates can be locked over the weekend until Sunday night)

USDA Purchase Loans

7.309% origination & underwriting included

102% Loan that covers most or all of closing costs
NOTE: This rate does not have "points" added to lower the interest rate

In this example the buyer is purchasing a primary single family residence (SFR) for $726,200 and getting a 102% loan with a 30 year fixed rate with a 780 Fico Score.

• USDA Purchase Loan fixed for 30 years
  
• Owner Occupied Primary Residence (Not 2nd Home or investment property)
• Single Family Residence (Not a 2-4 dwelling or condo)
• $726,200 Purchase Price
• No Down Payment (Loan is 102% helping to cover many closing costs)
• $740,724 Initial Loan Amount (102% more than purchase price to cover $14,524 of closing costs)
  $13,093.61 Origination paid  by loan amount
  $1,055 Underwriting paid by loan amount
  $375.39 Left over amount that can be useed towards other closing costs
• $7,482.06 Financed Mortgage Insurance
• $748,206.06 Loan Amount with Mortgage Insurance Financed
• $14,148.61 Paid by 102% more loan from lender  (Amount of loan that covered the UWM origination & $1,055 UWM underwriting)

Closing costs can be reduced even more by choosing a higher interest rate that covers closing costs with lender credits (rolling costs into the mortgage rate). A seller can also choose to help cover closing costs by offering up to a 6% seller's concession on a USDA loan to help the buyer purchase their home.

USDA Loans have the additional following guidelines:

• Income of all household members who are 18 years old & older canot exceed USDA guidelines (Cannot make too much income)
• Property must be a single family residence (No 2-4 units eligible)  
• Property must be in a non-uban area
• Property must be owner occupied
• Private wells must be tested
• Properties in a flood zone cannot have septic (must be on sewer connection)