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FHA rates are slightly affected by credit score, but not nearly as rate-sensitive as conventional loans.
@Anonymous wrote:FHA rates are slightly affected by credit score, but not nearly as rate-sensitive as conventional loans.
^^^This is true. However, the rate and closing costs for the same FHA mortgage varies from lender to lender. So shop your lenders. Not only are there different overlays by each lender, but different rates (sometimes more than .5%) and closing costs vary too. This is the whole point of getting a Loan Estimate up front.
@Anonymous wrote:
Do FHA loans vary rates based on credit rating? Or do lenders have a set FHA rate and you either qualify for their FHA program or you don't? ... I'm just a little confused as I've been looking over different lenders information. I have a few late payments from over ago, so I'm just trying to research and get a full understanding before jumping into the process.
Thank you in advance for any tips, advice, or reference.
FHA-insured mortgages are often times the only game in town. There are reasons beyond rate [varies by lender] to consider FHA loans. Best to consult a loan officer and see what is available to your [FHA, USDA, Conventional, VA, etc] and what the costs to you will be. You can only research so my by yourself while a loan officer who originates loans for a living may be able to save you a lot of effort.