topic Re: Recent FHA/USDA rates? in Mortgage Loans

Recent FHA/USDA rates?

Anonymous — Tue, 19 Mar 2019 19:54:48 GMT

Was pre-approved back in February for FHA loan @5.25% (mid 614). It looks like rates have slightly decreased since then. With our score also updated to 662 what is reasonable rate to expect on a FHA or USDA loan? I know overall APR matters and will vary lender to lender but is 4.5% realistic given the current market? Shopping a few lenders would give me most accurate answer but using builders lender for closing incentives that will cover most if not all closing makes a lot of sense unless they are just way off.

Re: Recent FHA/USDA rates?

Mortgage-Specialist — Tue, 19 Mar 2019 20:05:00 GMT

I just priced out an FHA loan with a purchase price of 250,000 (puttint 3.5% down) With a 660 credit score, the borrower would have a 30 year fixed rate of 3.95% with 0 points and no origination.

Re: Recent FHA/USDA rates?

Anonymous — Tue, 19 Mar 2019 20:21:57 GMT

Wow thank you. We were also putting down 3.5 on 225k. Would you say even at the 614 score 5.25% was high? Or is there just that big a difference when over the 620 mark and even more so 660? Our DTI isn't anything crazy either (~31/40) so I'm guessing they are fair comparisons. And that's my estimate with maybe 4.75-5%. Would be even better if as low as your recent approval. Thanks again

Re: Recent FHA/USDA rates?

Mortgage-Specialist — Tue, 19 Mar 2019 20:29:06 GMT

5.25 is still on the high end with a 614 score. Are they charging you points?

When you reference 4.75 - 5% what score are you estimating that on?

Re: Recent FHA/USDA rates?

Anonymous — Tue, 19 Mar 2019 20:39:34 GMT

No points that I saw. The 4.75-5 was just my guess worst case scenario after we updated our score. I also figured getting most of closing costs by builder might inflate it some. Just hard to guage not getting any other hard quotes.

Re: Recent FHA/USDA rates?

Mortgage-Specialist — Tue, 19 Mar 2019 23:35:07 GMT

Okay w 616 score your rate should be 4.49 without points Try to negotiate w them. The amount of money they make by giving consumers higher rates are astronomical

Re: Recent FHA/USDA rates?

Anonymous — Tue, 19 Mar 2019 23:43:17 GMT

Okay thank you. This is based on todays rates though correct? Rates have gone down some from when we were given that initial quote mid February. I definitely thought it was a bit high though at the time. Hopefully when it gets put through this week it's closer to what you reported

Also do you think USDA would be similar?

Re: Recent FHA/USDA rates?

Anonymous — Wed, 27 Mar 2019 13:09:18 GMT

Fannie 90 just dropped again. Now to 3.56....So just over 6 points away from a Max USDA interest rate of 4.5%. How are these large drop offs affecting rates you could receive from retail in general? Crazy that beginning of month it was more than half percent higher.

Re: Recent FHA/USDA rates?

Anonymous — Wed, 27 Mar 2019 17:36:15 GMT

I was just received my USDA Certificate of Eligibility on Monday, I will have an interest rate of 3.5%.

Re: Recent FHA/USDA rates?

Anonymous — Wed, 27 Mar 2019 17:40:47 GMT

Awesome. Congrats. Is this a new construction? Any closing costs?

Re: Recent FHA/USDA rates?

Anonymous — Wed, 27 Mar 2019 18:17:56 GMT

It is not a new construction. So far I was told I will not know about closing costs till it is appraised. I was told I can get a loan for what it is appraised for, so if my offer is less than appraisal I can finance the closing costs, if it's not then I have to pay them. There are some upfront fees, I have had to pay $1,000 earnest money and I have to pay for the appraisal and inspection.

Re: Recent FHA/USDA rates?

Anonymous — Tue, 09 Apr 2019 17:18:04 GMT

Officially pulled today with 661 mid. Waiting on info from GUS and our estimate. What should we be expecting in terms of rate (FHA and USDA) with todays market?? Home is 220k new construction. Our DTI will be ~31/40. Only using 1 income of about $5200 monthly gross.

Re: Recent FHA/USDA rates?

Anonymous — Thu, 18 Apr 2019 23:52:55 GMT

Received two USDA estimates today although not "Official loan estimates".

Lender 1 (Builders lender). 4.65% $7500 towards closing but still need ~$4500 to close so about 12k total.

Lender 2 - 4.75% estimated $9k to close.

Still surprised 2nd lender was actually higher than builder. I know rates have increased some from the low when I posted a couple weeks ago but are these still very high from others experience? The good news is lender 2 confirmed we got an "accept" with GUS. Not sure about other lender as they have been difficult getting in touch with.

Re: Recent FHA/USDA rates?

Anonymous — Thu, 05 Mar 2020 03:10:30 GMT

Yes im a 662 score and I just rate locked a 2.875% 3.893 apr on $340,000 home with 3.5% down going FHA going thru Keller Mortgage