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First Home & Operation New Home Rates

Effective Date: Dec 1, 2014
Program Rates Points APR* MPF**

First Home & Operation New Home

3.500% 0 4.251% $4.49
3.250% 2 4.180% $4.35

First Home & Operation New Home
with Advantage Option

3.750% 0 4.495% $4.63

Mobile Home Self-Insured***

Included single wide and double wide mobile homes on owned or leased land.

4.500% 0 4.500% $5.07
4.250% 2 4.421% $4.92

Mobile Home Self-Insured
with Advantage option

4.750% 0 4.750% $5.22
*APR calculation based on a $100,000 loan for a 30-year term and includes points and mortgage insurance fees collected on an RD Guaranteed loan. The actual APR may be higher depending on actual Mortgage Loan fees. ** Multiply the Monthly Payment Factor (MPF) by the number of $1,000's in your loan to get the estimated principal and interest payment. Your actual monthly payment with include escrowed property taxes and insurances and will therefore be higher. 

 


Advantage - Down Payment and Closing Cost Assistance
For a 0.25% add-on to the 0 point rate options, Advantage can provide $2,000 toward the cash you need for closing. A minimum borrower contribution of 1% of the loan amount is required and may be a gift. Borrowers choosing Advantage also take a hoMEworks-approved homebuyer education class.


Mobile Homes
Eligible properties are 20 years or newer single- and double-wides on owned or leased land. Loan term will be 20, 25, or 30 years depending on the age of the mobile home.


Annual Percentage Rate (APR)
Annual Percentage Rate (APR) is the cost of credit stated as a yearly rate. The APR calculation is based on a $100,000 loan for a 30-year term, and includes points and mortgage insurance fees collected on a Federal Housing Authority Loan. The actual APR may be higher depending on additional mortgage loan fees the participating lender charges the borrower.


Monthly Payment Factor
Multiply the Monthly Payment Factor by the number of $1,000’s in your loan to get the estimated principal and interest payment. Your actual monthly payment will include escrowed property taxes and insurances and therefore will be higher.

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