Mortgage Loans

[mauve]

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?

[ShanetheMortgageMan]

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.

[mauve]

Due to minor structural issues, I'm in the "full" category.  Thanks! 

[SDChrgrboy2]

just closed on a streamline 203k, at 5% fixed, but we locked back in december,  I think the rates are higher now

[jons99]

Is the max LTV of these 110% of the after improvment value??? Talked to a guy from BoA today, he said they only go to the standard 96.5%..

[BACC76]

I was quoted 5.25% this week and I thought that seemed high. Maybe it isnt off as much as I thought.

[bruiseviolet]

that seems high?  Our credit score is below 700 and we were approved for a FHA loan at 5.125% Interest.

[mauve]

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. 

[mauve]

Now I get to decide if I should lock at 5.125% - *thinking thinking*

[bruiseviolet]

Go for it =)  Unless you find something for less, I think that's a decent rate.  We were offered the same rate on an FHA loan as well.