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What should the rate be?
We are doing one negative point.
What's a negative point?
They raise the rate .1 and give .75 percent cash credit back to help with closing costs.
Our lender's rate at the moment for FHA is 3.25 with no points, assuming all applicants have a 640 score.
I cant say what the rate is based on your Lender.
If I wrote the Loan today for someone qualified, no points 3.375 Edited to add : and a 3.45 APR with a 620 mid score
We are a different type of company. We dont charge for many added on things that many Lenders, LO's, and Brokers charge (application fees, credit report pulls, processing fees, as a few examples), and we "try" to give all our clients the par wholesale rate. We work more on volume.
@JM-AM wrote:
If I wrote the Loan today for someone qualified, no points 3.375 Edited to add : and a 3.45 APR
That number looked awfully familiar haha so I pulled out all my paperwork and we were actually quoted at 3.375% as well, not 3.125% as I previously said.
We were quoted at 3.25% when we began this process in January. Pending credit score hitting a mid of 640. I knew I'd hit this since all my cards were near max at the first pull. Friday, she sent me a draft GFE with 3.50% with no locked in date. She said she'd send me one after she gets the signed contract from realtor, which she just got yesterday. I also see she pulled my credit again yesterday so I hope to find out soon what my rate is. She did email me just now to say that for me not to worry my mid hit 647 - so I'm in! Now cant wait to see what my locked in rate will be - I'm sure she's preparing everything now so I hope to hear back soon.
UPDATE ALREADY: just got GFE and it is at 3.50% and came with ALL kind of documents for me to sign and I also need to prepare LOE. So here I go!
I should get all the numbers here shortly I hope. Im going CRAZY
@tooleman694 wrote:We are going back into DU today, can't wait to see what my scores are at. We gotta lock in the rate, and they have gone up
I just noticed you said "going back into DU"...so you mean they put you back through Desktop Underwriter again? Like you're doing this for the first time? I thought on the second go-around, they were just looking to update your bank statements and such to make sure nothing has changed, I didn't know they actually run DU again. DU can ask for all kinds of new conditions, no?
Edited to add this is for Payingoffdebt...
Congrats and good luck... your almost there...