How Are These Rates?

topa · ‎07-29-2014

Credit score is 681 as per LO - I'm pulling above 700 in MyFICO with middle score at 710.

Conventional:
Rate: 4.375

APR: 4.975

FHA:

Rate: 3.750%

APR: 5.256%

Thanks in advance all!

Starting Score: 600 (Jan 2014)
Current MyFICO Scores: EQ: 712 | TU: 706 | EX: 702
Current Bureau Scores: EQ Beacon 5.0: 682 | TU FICO Classic 04: 740 | EX FICO V2: 706
Goal Score: 750

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topa · ‎07-29-2014

Adding another scenario. Forgot to state that all these are 30 year loans.

FHA:

Rate: 3.625%

APR: 5.092%

Starting Score: 600 (Jan 2014)
Current MyFICO Scores: EQ: 712 | TU: 706 | EX: 702
Current Bureau Scores: EQ Beacon 5.0: 682 | TU FICO Classic 04: 740 | EX FICO V2: 706
Goal Score: 750

Take the myFICO Fitness Challenge

topa · ‎07-29-2014

Anybody?

Starting Score: 600 (Jan 2014)
Current MyFICO Scores: EQ: 712 | TU: 706 | EX: 702
Current Bureau Scores: EQ Beacon 5.0: 682 | TU FICO Classic 04: 740 | EX FICO V2: 706
Goal Score: 750

Take the myFICO Fitness Challenge

DallasLoanGuy · ‎07-29-2014

cannot comment on rate without fees.

what are the origination charges?

they look like normal rates though

Retired Lender

Anonymous · ‎07-29-2014

Those are better than mine. My lender is paying closing costs and some taxes and insurance for the first year, and my rate is 4.25% when it was 4.125.

topa · ‎07-29-2014

Thanks DallasGuy!

There is a credit on the FHA 3.75% loan of $3,107. I asked the LO to remove the credit and that's how I got the 3.625% rate - this one carries a $417 lender fee. The conventional has no lender fees.

Starting Score: 600 (Jan 2014)
Current MyFICO Scores: EQ: 712 | TU: 706 | EX: 702
Current Bureau Scores: EQ Beacon 5.0: 682 | TU FICO Classic 04: 740 | EX FICO V2: 706
Goal Score: 750

Take the myFICO Fitness Challenge