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Hello, my middle mortgage credit score is 680. My lender quoted me at 4.25 % for a FHA on $220,000 with 3.5% down. This seems high, what should I expect in this scenario?
Thanks.
That does seem high. I would shop around to see what other rates you might be offered. You should be able to provide your credit scores to get this info.
Hmmm..for a 680 score, 4.25% does seem high! Most definitely shop around.
Well, what should I expect?
@Anonymous wrote:Well, what should I expect?
Anything under 4% would be great wit your scores. Is your DTI high or income low?
Low DTI
Are you having the lender contribute toward your closing costs? If so, then the rate could be reflecting that contribution. If not, then shop your lender.
Someone else in the group asked a similar question, as they too had a 80 score. DallasTheLoanGuy responded with the following:
ranging 3.875% - 4% last i looked.
market was volatile last week. so can change any moment
but i wouldnt expect them to climb over 4.25% in the immediate future
Another person suggested this link to get an idea:
Hope that helps!!
FHA 30-yr fixed ranging from 3.75% to 4.25% ... depending on individual factors and lender rebates. That's what I'm seeing my buyers securing.
That seems high! My mid mortgage score is 688 and my rate is 3.375% on a 30yr/FHA. I am also getting $2k in closing costs from them. Definitely shop your lender
Good luck!