FHA Interest Rates

[Anonymous]

What is the minimum fico score needed to qualify for the best FHA interest rates?

Thanks in advance!

[Anonymous]

I have heard on here that all FHA loans have the same interest rates. But my LO told me that is not entirely true.

He has the power to give anyone over a min of 720 reduced rates. I got 5 1/8 with no points when the FHA rate at this particular place was 5.5%  with no points.

[Anonymous]

My mortgage broker was able to lock me into a FHA loan for 4.875% with a minimum FICO score of 680 if I close within 30 days. So, it looks like you can get a better FHA rate with higher FICO scores from some lenders.

I wasn't aware of that until I signed the purchase agreement on my new house this weekend.

[Anonymous]

Who is your mortgage through, schlebrock?

[Anonymous]

Thanks for the sharing of information.  I was just wondering if it made more since to reduce my utilization on cc or save for my dp.  My midscore is 687, so it appears that I'll get a decent enough rate going fha.  I guess at the end of the day, I still don't want cc debt, so I may still pay it down.

[Anonymous]

Wow that is a great rate! I locked into a 5% w/ 1 point about 3 weeks ago. I was afraid the rates would rise, which they did a little and now they have dropped again. I wish I had that rate, my ficos are pretty high, mid score is 749.  

[Anonymous]

I haven't locked my rate yet but my score is 639 and I've been pre-qual. for a loan.  I was working with a LO for over a year (I started this process in 2007, quit for a year and started back up in 2009), but I shopped around for my rate. He was giving me a rate of 5.5%, a different lender gave me 5%, so I went back to my first guy and told him the situation. He said he'd give me 5% too (provided rates did not go up).  I also asked him that if the rate dropped would he give me a better rate - he said he would even though I do not have perfect credit.  I have good credit, my job is pretty stable and I've been with the same company for 6.5yrs.

I'll be doing an FHA loan as well. 

[Anonymous]

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@Anonymous wrote:
Who is your mortgage through, schlebrock?

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My mortgage is going to be through a local builder here in San Antonio, Texas. However, I would expect that rate to be available by other lenders across the country.

[DallasLoanGuy]

almost every lender out there will offer the same rate at 620 as they will for any higher score.

[DallasLoanGuy]

in other words.

620 - 850 = same rate