Can this be better

[martypav7]

Hi all. Im currently in the process of getting mortgage in CT. We found a house, offer accepted- now dealing with lender. We are going FHA, 3.5% down with mid score of 658. They sent initial loan disclosure with rate 3.875% and 4.1% apr. is this alot in todays market? Rate is not locked and seems bit high. Just wanted to see everyone's opinion on this. Thanks

[VALoanMaster]

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@martypav7 wrote:

Hi all. Im currently in the process of getting mortgage in CT. We found a house, offer accepted- now dealing with lender. We are going FHA, 3.5% down with mid score of 658. They sent initial loan disclosure with rate 3.875% and 4.1% apr. is this alot in todays market? Rate is not locked and seems bit high. Just wanted to see everyone's opinion on this. Thanks

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Hi @martypav7,

What is the purchase price and the property type?

Rates have gone up some but 3.875 is high.

[martypav7]

Its contemporary ranch, $450,000. 

[tooleman694]

I will be watching this one, I am locking in my rate next week. Mid score 675, FHA loan 600k.

[VALoanMaster]

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@martypav7 wrote:

Its contemporary ranch, $450,000. 

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You can do better.