Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
Re: negociating rate/fees with lender

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.