FHA Interest Rates

[Anonymous]

Would you mind sharing the contact info. of your loan officer? Thank you.

[Anonymous]

Would you mind sharing your loan officer contact info.? Thank you.

[recoverychick]

I don't know what the max is, but my lender told me for  FHA, 680 was the "magic number".  They stared the refi offers with 5.5% with 1.75pts and origination, then went to 5.00% .5pts and no origination.   I locked in Tuesday with 4.5% .75pts and 1% origination, all rolled into loan. Down from current 6% refi with them 1 yr ago. TU 721, EX 718, EQ 698 (everyone pulls them).  1 6yr old medical collection $343, 1 5.5 yr old dismissed chapter 13., 6 new accounts 5 mos. old.

Good luck.

[kai_1103]

Hi all- I am concerned about my interest rate and was reading your post.  I'm wondering if someone can give me an idea if my costs are lining up.  I got the FHA amendment paperwork including the FHA Mortgage Broker Fee Agreement. 

I was surprised the numbers didn't really line up with my good faith estimate.  Theres a broker's points fee of 1% on this agreement that I have never seen before, plus the 1% origination I knew of, plus a processing fee which is lower than the good faith estimate was.  They ad up to about the same thing so I'm not sure if I should be concerned.

Anyone want to share what they think?  Or anyone know what the rates are like at the "moment"?

Thanks a million!!!!!!!!!

[ShanetheMortgageMan]

The MBFA just further breaks down costs that should have been outlined on the GFE.  The new GFE, well, doesn't break a whole lot down, just gives lump sums, which is easier for math, but does leave some people wondering what the costs are all for (which isn't broken down on an official form until closing).

Did you get a good faith estimate that looks like http://www.hud.gov/content/releases/goodfaithestimate.pdf?

If so, can you list the "summary of your loan" section as well as 1 & 2 from page 2?

[kai_1103]

Hi Shane- I got a GFE but it didn't look like that one, but I got it back in August when I put my offer in (short sale).  I'm getting a small loan and using local down payment assistance so I figured the broker may get a little more money that typical because of the extra work.  Just my guess- only seems fair she is compensated for the extra work.  Anyway...

here is the info I think you are asking for.

Purchase price   $95,000

Down payment/closing cost assistance   $15,000

30 year fixed FHA - not sure what interest rate I will get.  Originally 5.5% was on the paperwork but that was August- I am hearing 5% is more like it.  My median score is 703 (699 & 721 are others).

From my GFE

Initial loan amt/ base loan amt     83,600

Total loan amt      $85,266

Loan origination fee @ 1%    $838

PI+MI  484.13+37.41=$522.54

No prepayment, no balloon.  None of the other oddities in that Summary of Your Loan section listed.

Processing fee $395

Underwriting fee $200

Admin fee to mortgage company $335

Doc prep fee to mortgage company $150

Page 2

1.)  Origination @1%   $838

2.)  I don't know any of this data

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Then on my FHA/VA Mortgage Broker Fee Agreement

Broker Fees That You Will Pay Directly:

App fee: 0

Processing fee: $250

Other (origination @1%) $838

Broker points (1%) $838

Total direct broker fees you will pay: $1926

Broker comp that the lender will pay (YSP not to exceed 4%): $3440.64

(Will I ever get to find out what her YSP is?  I am seeing she shuoldn't get more than 1% or she's just ripping me off at the interest rate)

When I add up the GFE total it comes to 1918, and the new Mtg broker fee agreemnt came to 1926.  Not worried about the difference as much as I am wondering it the Mtg Broker Fee Agreement replaces the costs on the GFE or is it in addition.

And of course I worry I'm getting ripped off.  Nice lady but never judge a book...

Thanks Shane!!!

[ShanetheMortgageMan]

Yeah, if you started prior to the 1st of this year you can still use the old GFE forms.  Yeah it doesn't make sense why the MBFA says 1% origination + 1% broker fee while the GFE just says 1% origination fee without disclosing the broker fee... I'd ask about the MBFA then and why the 1% broker fee isn't also listed on the GFE, if she says it's not going to be charged then ask for a new MBFA without the broker fee.  The exact amount of YSP will be disclosed on the final HUD-1 statement, but it's a little late to negotiate things at that point.  Your loan amount is small, but if it's not too involved then a 1% origination fee + 1% in YSP + processing should be sufficient.  You can ask the broker how much in YSP are they looking to make, and the YSP amount is locked in when your rate is locked.