topic Re: 680 Credit Score FHA RATE in Mortgage Loans

680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 13:07:14 GMT

Hello, my middle mortgage credit score is 680. My lender quoted me at 4.25 % for a FHA on $220,000 with 3.5% down. This seems high, what should I expect in this scenario?

Thanks.

Re: 680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 13:09:26 GMT

That does seem high. I would shop around to see what other rates you might be offered. You should be able to provide your credit scores to get this info.

Re: 680 Credit Score FHA RATE

GirlMelanie89 — Tue, 23 Feb 2016 13:18:11 GMT

Hmmm..for a 680 score, 4.25% does seem high! Most definitely shop around.

Re: 680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 13:19:22 GMT

Well, what should I expect?

Re: 680 Credit Score FHA RATE

GirlMelanie89 — Tue, 23 Feb 2016 13:27:58 GMT

@Anonymous wrote:
Well, what should I expect?

Anything under 4% would be great wit your scores. Is your DTI high or income low?

Re: 680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 13:28:51 GMT

Low DTI

Re: 680 Credit Score FHA RATE

StartingOver10 — Tue, 23 Feb 2016 14:09:51 GMT

Are you having the lender contribute toward your closing costs? If so, then the rate could be reflecting that contribution. If not, then shop your lender.

Re: 680 Credit Score FHA RATE

GirlMelanie89 — Tue, 23 Feb 2016 14:13:24 GMT

Someone else in the group asked a similar question, as they too had a 80 score. DallasTheLoanGuy responded with the following:

ranging 3.875% - 4% last i looked.

market was volatile last week. so can change any moment

but i wouldnt expect them to climb over 4.25% in the immediate future

Another person suggested this link to get an idea:

http://www.consumerfinance.gov/owning-a-home/explore-rates/?utm_source=checkrates&utm_medium=redirect&utm_campaign=OAHredirects/

Hope that helps!!

Re: 680 Credit Score FHA RATE

ezdriver — Tue, 23 Feb 2016 16:06:21 GMT

FHA 30-yr fixed ranging from 3.75% to 4.25% ... depending on individual factors and lender rebates. That's what I'm seeing my buyers securing.

Re: 680 Credit Score FHA RATE

jd403 — Tue, 23 Feb 2016 16:08:59 GMT

That seems high! My mid mortgage score is 688 and my rate is 3.375% on a 30yr/FHA. I am also getting $2k in closing costs from them. Definitely shop your lender

Good luck!

Re: 680 Credit Score FHA RATE

ezdriver — Tue, 23 Feb 2016 16:12:15 GMT

Make sure to differentiate lockable rate quote vs non-lockable rate quote. Also lock time period is a factor. A 30-day lock will have a better rate than a 90-day lock. As always, the devil hides in the details.

Re: 680 Credit Score FHA RATE

Ragelog — Tue, 23 Feb 2016 16:29:57 GMT

I have a 35 day locked rate of 3.5% with a 685 middle score. Does the 4.25% include the PMI? as that could explain why it is higher. Or is the .85 PMI in addition to the 4.25%?

Re: 680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 17:59:51 GMT

If you aren't receiving any lender credits towards closing costs, a 3.625%-3.875% should be expected for FHA in the 680 range.

Re: 680 Credit Score FHA RATE

Anonymous — Tue, 23 Feb 2016 21:11:17 GMT

What are lender credits?

Re: 680 Credit Score FHA RATE

StartingOver10 — Tue, 23 Feb 2016 21:17:52 GMT

@Anonymous wrote:
What are lender credits?

Lender pays some or all of your closing costs. When you look at the Loan Estimate, do you see any credits from the lender for closing costs that are normally buyer/borrower closing costs? How the lender gets the funds to pay those credits, if applicable, is to charge you a higher rate and take the premium they make off the loan (sale) to pay your some of your closing costs.

Re: 680 Credit Score FHA RATE

Anonymous — Wed, 24 Feb 2016 01:36:13 GMT

I signed my loan papers on feb 16th. Mid score 702. 30 year locked in rate of 3.25%. Im putting down 3.5% and seller is paying closing cost.

Re: 680 Credit Score FHA RATE

StarraeAday1 — Fri, 26 Feb 2016 06:53:12 GMT

We're in that same score range and just locked in yesterday to 3.5% on our new FHA loan. The quote sheet said 4.125% because the lender thought he had to help with closing costs. Since we can pay them ourselves, we got the much lower rate. We were SO excited. Closing on St. Patrick's Day!