Credit Card Center Advertiser Disclosure†
02-25-2011 12:25 PM
I got a quote for 5.5% with one bank - one that I'm not using. I'm currently waiting on my new loan officer to get back to me with the % rate (well, she's waiting on me to provide her with the HUD consultant's full report and a contractor, as well as the signed FHA addendum and whatever). Is 5.5% the current going rate? I know FHA isn't as affected by FICO scores, but the 5.5% was quoted when my mid-score was 700, now my mid-score is 712...at 720 is the rate lower?
03-06-2011 05:41 PM
There are two versions of the 203k loan - streamline & full. The streamline version interest rate is usually no more than .25% over the normal FHA interest rate that the bank would offer, sometimes it may even be the same. The full 203k loan's interest rate is often .5% to .75% higher than the banks normal FHA interest rate.
03-07-2011 06:33 AM
Due to minor structural issues, I'm in the "full" category. Thanks!
03-09-2011 09:32 PM
I spoke with my LO today and she offered to lock me in at 5.25% - I'm deciding if I want to lock or roll the dice and wait for a little bit. She also said that the 203ks are about a point higher than the regular FHAs.
03-10-2011 11:39 AM
Now I get to decide if I should lock at 5.125% - *thinking thinking*
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.