Was pre-approved back in February for FHA loan @5.25% (mid 614). It looks like rates have slightly decreased since then. With our score also updated to 662 what is reasonable rate to expect on a FHA or USDA loan? I know overall APR matters and will vary lender to lender but is 4.5% realistic given the current market? Shopping a few lenders would give me most accurate answer but using builders lender for closing incentives that will cover most if not all closing makes a lot of sense unless they are just way off.
I just priced out an FHA loan with a purchase price of 250,000 (puttint 3.5% down) With a 660 credit score, the borrower would have a 30 year fixed rate of 3.95% with 0 points and no origination.
Wow thank you. We were also putting down 3.5 on 225k. Would you say even at the 614 score 5.25% was high? Or is there just that big a difference when over the 620 mark and even more so 660? Our DTI isn't anything crazy either (~31/40) so I'm guessing they are fair comparisons. And that's my estimate with maybe 4.75-5%. Would be even better if as low as your recent approval. Thanks again
No points that I saw. The 4.75-5 was just my guess worst case scenario after we updated our score. I also figured getting most of closing costs by builder might inflate it some. Just hard to guage not getting any other hard quotes.
Okay w 616 score your rate should be 4.49 without points Try to negotiate w them. The amount of money they make by giving consumers higher rates are astronomical
Okay thank you. This is based on todays rates though correct? Rates have gone down some from when we were given that initial quote mid February. I definitely thought it was a bit high though at the time. Hopefully when it gets put through this week it's closer to what you reported
Fannie 90 just dropped again. Now to 3.56....So just over 6 points away from a Max USDA interest rate of 4.5%. How are these large drop offs affecting rates you could receive from retail in general? Crazy that beginning of month it was more than half percent higher.
