FHA Loan Approved for 200k at 6.35% is that high rate?

[Anonymous]

Just got back good faith est and I am approved for 200k at 6.35% which I think is a little high?

I live in Phoenix, credit score are 716 mid and wife 610 mid. I was looking for a flat 6% rate.

Should I go somewhere else? How much extra a month am I paying at that rate instead of 6%?

[Junejer]

---

@Anonymous wrote:

Just got back good faith est and I am approved for 200k at 6.35% which I think is a little high?

I live in Phoenix, credit score are 716 mid and wife 610 mid. I was looking for a flat 6% rate.

Should I go somewhere else? How much extra a month am I paying at that rate instead of 6%?

---

If this is a joint loan, they go by the lower mid score of the two of you. 6.35% is historically a very good rate. That said, you are free to shop it to see if you can get better elsewhere.

[Anonymous]

OUr VA loan ended up being that rate as well b/c we chose to lock in, had we waited a day it would be 6% but either is a good rate really.

[Anonymous]

Yes this is joint filing b/c I do not make enough to do the loan by myself with my DTI ratio.

[Junejer]

Not trying to tell you what to do, but it really is a good rate.

[athensguy]

FHA isn't really score based. But for comparison, I closed on my house last week @5.75% from FHA in GA. I locked in the rate at the end of Feb.

[Anonymous]

This leads me to ask: can lock in rates be undone without penalties? Just like the VA example above where they locked then the next day it went down?

[ShanetheMortgageMan]

---

Fetis wrote:

Just got back good faith est and I am approved for 200k at 6.35% which I think is a little high?

I live in Phoenix, credit score are 716 mid and wife 610 mid. I was looking for a flat 6% rate.

Should I go somewhere else? How much extra a month am I paying at that rate instead of 6%?

---

Does seem a little bit high, should be able to find better - around 6%.  $200k @ 6% = $1199.10/mo.  $200k @ 6.375% = $1247.74/mo.

[ShanetheMortgageMan]

---

trashyart2000 wrote:

This leads me to ask: can lock in rates be undone without penalties? Just like the VA example above where they locked then the next day it went down?

---

Once a rate is locked in it usually can not be changed unless there is a material change in the loan file, or if the rates get low enough you can do a "float down" - for example if you locked in at 6% and rates fell to 5.625%, the lender might offer you to float down to 5.875%.