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With FHA the rate is the same across the board regardless of score.......one way to get a lower rate would be to go a continental route since you would save money on closing and with PMI and should have a lower interest rate but you would need 20% to put down.....oh and I wouldn't say that you are "approved" just yet...you are only approved when you have the keys in your hand walking through the door of your house lol
I disagree with this statement above ^^^.
I see various lenders offer different rates for FHA borrowers all the time.
One of my lenders is at 3% fixed 30 yrs right now for FHA. Another pre-approval I just received yesterday from another lender for the buyer on one of my listings is a full point higher - 4% fixed 30 years and believe it or not, the buyer that has the 4% rate has a higher credit score than the one with the 3% rate. Both are FHA loans. The only difference is the lender (and the buyer).
This is just one example. I see different rates in the same time period all the time. It is lender specific.
@StartingOver10 wrote:I disagree with this statement above ^^^.
I see various lenders offer different rates for FHA borrowers all the time.
One of my lenders is at 3% fixed 30 yrs right now for FHA. Another pre-approval I just received yesterday from another lender for the buyer on one of my listings is a full point higher - 4% fixed 30 years and believe it or not, the buyer that has the 4% rate has a higher credit score than the one with the 3% rate. Both are FHA loans. The only difference is the lender (and the buyer).
This is just one example. I see different rates in the same time period all the time. It is lender specific.
I should have explained it better but what I meant was that with a single lender the FHA rate doesnt vary.... So for example my mortgage was with fifth third and we locked in the 3.875% regardless of if I had a 850 or 640 middle score. Rates may vary with lenders but with how low the rates are most lenders are the same across the board or maybe .25% difference.