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680 Credit Score FHA RATE

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Anonymous
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680 Credit Score FHA RATE

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.

Message 1 of 17
16 REPLIES 16
Anonymous
Not applicable

Re: 680 Credit Score FHA RATE

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.

Message 2 of 17
GirlMelanie89
Established Contributor

Re: 680 Credit Score FHA RATE

Hmmm..for a 680 score, 4.25% does seem high! Most definitely shop around.

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 3 of 17
Anonymous
Not applicable

Re: 680 Credit Score FHA RATE

Well, what should I expect?

 

Message 4 of 17
GirlMelanie89
Established Contributor

Re: 680 Credit Score FHA RATE


@Anonymous wrote:

Well, what should I expect?

 


Anything under 4% would be great wit your scores. Is your DTI high or income low?

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 5 of 17
Anonymous
Not applicable

Re: 680 Credit Score FHA RATE

Low DTI

Message 6 of 17
StartingOver10
Moderator Emerita

Re: 680 Credit Score FHA RATE

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. 

Message 7 of 17
GirlMelanie89
Established Contributor

Re: 680 Credit Score FHA RATE

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:

http://www.consumerfinance.gov/owning-a-home/explore-rates/?utm_source=checkrates&utm_medium=redirec...

 

Hope that helps!!

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 8 of 17
ezdriver
Senior Contributor

Re: 680 Credit Score FHA RATE

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.

Message 9 of 17
jd403
Regular Contributor

Re: 680 Credit Score FHA RATE

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!

FICO 8: TU 716 EX, 718 EQ 721 (10/19/21)

Discover IT $10.5k, Citi AA $10.8k , Cap One QS - $6.3k, Amex Optima - $4k Kohl's - $3k, M-Life MasterCard $8k, Amex Delta Gold $16.5k
Message 10 of 17
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