FHA INTEREST RATE

Anonymous — Thu, 30 Apr 2009 23:15:03 GMT

Hi All,

Is it true that an interest rate for FHA is giong to be the same if you have a credit score in the 800's or 600's? Is is a flat rate for every applicant? Please share your thoughts. Thanks.

Re: FHA INTEREST RATE

DallasLoanGuy — Fri, 01 May 2009 00:29:33 GMT

Depends on the loan officer.... and lender. But basically, it is the same.

Now... if you are buying a $65K house... the lender will likely try to make a couple of points in the rate. (marking up the wholesale rate to retail rate = income for the lender.... the more the rate hike the more the compensation)

If you are buying a $250k home... that rate increase will be less.

Bottom line: Loan officers do NOT work on 1% origination fee alone. And the lender fees on top of that are usually not shared with the loan officer.

Tell us more about your situation and remember that rate/fees have a direct coorelation.

we can tell you if your deal is fair

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FHA INTEREST RATE

Re: FHA INTEREST RATE