Low FHA APR, But Bad Credit?

[Anonymous]

So I have just recently applied for a FHA morgage (covering $208k). I have a couple of late payments towards the end of last year on my history from a credit card that is now closed. I have Fingerhut, CareCredit, and First Permier accounts and all of them have been paid on time since they were opened (the oldest being 1 year, 8 months old). I also have a car loan with Santander that has been paid on time this year with a late payment on my account towards the end of last year. My TU score is around 610, and my EX score is around 633 currently.

I was approved for the loan with a 3.75% APR. I knew I would get approved for the loan because the salary that I make completely eclipses the amount of debt that I have, but I am suprised that I was able to get a rate that low with my kind of scores. Does anyone know if this is something normal? 

I am supposed to be closing next month and I wanted to get a new credit card to replace the terribel First Premier credit card, but I'm not sure if I should with my scores the way they are. 

[Anonymous]

Thats a great rate for that score, i am currrently in the process of getting an FHA loan and was Pre Appoved with a 4.625% rate, question about the lates was it a problem for your LO? i currently have recent lates on an auto loan and am afraid of getting a final approval with them.

[Anonymous]

i should add my score is 603 middle score 

[ShanetheMortgageMan]

---

@Anonymous wrote:

I am supposed to be closing next month and I wanted to get a new credit card to replace the terribel First Premier credit card, but I'm not sure if I should with my scores the way they are. 

---

I wouldn't recommend you apply for any other credit until you've closed on the home.  The underwriter does a final credit refresh just before they give the final approval, and any new credit inquiries will need to be explained and any new debt stemming from those inquiries needs to be documented.  Not something you'd really want to deal with at the last second.  Wait until after you've closed.

[Anonymous]

Definitely don’t apply for anything until after closing and recording.

That’s a great rate. Mine is 4% exactly with a 680 mid, no lates since 2014. I think mine is higher because it’s a jumbo.