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?
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.
Due to minor structural issues, I'm in the "full" category. Thanks!
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%..
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.
Now I get to decide if I should lock at 5.125% - *thinking thinking*
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.