08-24-2013 12:29 PM
Can someone recommend the best place to check the rate I am being offered to make sure that it's good? For USDA/FHA loans? MyFico has something built in but maybe there is something better elsewhere.
08-24-2013 02:16 PM
Review what others have been offered recently and provide the specifics of your situation & what you are being offered. USDA & FHA rates should be pretty similar to each other, usually within .125%.
08-24-2013 02:21 PM - edited 08-24-2013 02:22 PM
We are in the process of buying (we are waiting for USDA approval) 30 year fixed no money down 4.25 it was 4.5 but since we agreed to automatic payment withdraw for the first year they took off .25 our mid score is 685
08-25-2013 12:58 PM
4.875 as of last week, 100% financing USDA, about a 250,000 loan. Credit score 675. Was trying to get it above 680, but it doesn't look like it is going to happen by application time, I paid down my utilization from 50% to 25% and got little love from FICO for it.
It was 4.55 when I applied for pre-approval a month and a half ago.
08-25-2013 02:06 PM
When we pre-approved in April it was 3.5% - didn't find a house.
Found a house in JUly and had to go through the process again, locked the rate in July 27th at 4.625%. It looks like the only way those rates are going is up!
08-26-2013 12:20 PM - edited 08-26-2013 12:27 PM
I was quoted 4.25% FHA last Wednesday and the LO said the rates just went up which is true if you check bankrate average (went up from 4.35 to 4.5 and over).
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO