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Current FHA 203k rate?

Valued Contributor

Current FHA 203k rate?

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?


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 1 of 14
13 REPLIES
Super Contributor

Re: Current FHA 203k rate?

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.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

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Message 2 of 14
Valued Contributor

Re: Current FHA 203k rate?

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


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 3 of 14
Valued Member

Re: Current FHA 203k rate?

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

Message 4 of 14
Member

Re: Current FHA 203k rate?

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%..

Message 5 of 14
New Contributor

Re: Current FHA 203k rate?

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

Message 6 of 14
Frequent Contributor

Re: Current FHA 203k rate?

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

Message 7 of 14
Valued Contributor

Re: Current FHA 203k rate?

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. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 8 of 14
Valued Contributor

Re: Current FHA 203k rate?

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


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 9 of 14
Frequent Contributor

Re: Current FHA 203k rate?

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.

Message 10 of 14