I recently applied for a FHA mortgage loan through Bank of America...the builder told me they have a guaranteed 5.875% rate through their preferred lenders...but then turned around and said it's not guaranteed through BoA...I was approved through BoA last year...but that did not go through because of moving to a new state, with a new job, and a new pay...and with worst scores than I have now...and the process was fairly easy..I bank with them and would rather go the the mortgage loan with them...when I called she said the rate would be a floating rate...and it wouldn't be locked until closing...what does this mean for me...with a FHA loan...what's the highest this rate can go up to...I live in Houston, TX...here's my profile:
Scores: TU-643 EX-618 EQ-594
Pay: $21.50/hr - 58 hrs/week
Debt: $359.00 Car note and $80.00 CC's
Wifes Debt: $65.00CC's
Message Edited by slyhouse08 on 05-05-2008 01:35 PM