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Wells Fargo FHA rates accurate?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Wells Fargo FHA rates accurate?

So im in the middle of building a home and Im using the builders prefered lender. Im at a point where im wondering if I should apply elsewhere just so I can try to negotiate a lower rate. Ive come across Wells Fargo and they have a current FHA rate of 3.75 account to there website which is really low from what I keep hearing right now. My LO is telling me about 4.25% after I bought a point. How accurate is this? Are these rates they advertise on there website actually correct?  Currently Im at 709 mid score if it matters. Thanks 

 

https://www.wellsfargo.com/mortgage/rates/purchase-assumptions?prod=1  

17 REPLIES 17
New Member

Re: Wells Fargo FHA rates accurate?

Advertised rates are probably their best rates.
I'm in process with a loan with the same advertised rate. My initial hypothetical was for 780ish and that got their best rate. When I went ahead with the app, my mid came back 760ish and my rate went up 0.125. So I opted to buy down to 3.75. If UW approves I may try to delay closing another month and have them pull my credit again.
Message 2 of 18
Regular Contributor

Re: Wells Fargo FHA rates accurate?

You sent a link for a conventional but you can in fact get a 3.75% FHA rate 30 yr fixed
Message 3 of 18
Community Leader
Senior Contributor

Re: Wells Fargo FHA rates accurate?


@justinp95 wrote:

So im in the middle of building a home and Im using the builders prefered lender. Im at a point where im wondering if I should apply elsewhere just so I can try to negotiate a lower rate. Ive come across Wells Fargo and they have a current FHA rate of 3.75 account to there website which is really low from what I keep hearing right now. My LO is telling me about 4.25% after I bought a point. How accurate is this? Are these rates they advertise on there website actually correct?  Currently Im at 709 mid score if it matters. Thanks 

 

https://www.wellsfargo.com/mortgage/rates/purchase-assumptions?prod=1  


Hi and welcome to MyFICO

99% of the time the advertised rates (their lowest) are reserved for those with scores 760+

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Message 4 of 18
Valued Contributor

Re: Wells Fargo FHA rates accurate?

When will your home be done? The rate today is worthless if you can’t close in 30 days. If getting an FHA loan when your FHA case # is issued it will be near impossible to get that case # moved to a different lender. It’s based on the property address and another lender can not come in and do an FHA loan and get a new case # for that address. Has you case # been issued?
Message 5 of 18
Established Contributor

Re: Wells Fargo FHA rates accurate?

Rates have been dropping lately as the market has finally realized that they never should have gone up last year.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 6 of 18
Established Member

Re: Wells Fargo FHA rates accurate?

My Fico mortgage middle score is 660 and my rate on a 30 year FHA is 3.87. So if you’re mortgage score is above 700,  your rate could probably get a better rate with a different lender.  I would advise shopping around.

Hunting and element gave me the same rate. Premia gave me 4.5. I went w Huntington. 


Starting Score 8/26/18: FICO8 EQ:601 TU:611 EX:618
Current Score 4/1/2019: FICO8 EQ:739 TU:715 EX:680
Goal Score: 700+


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Message 7 of 18
New Member

Re: Wells Fargo FHA rates accurate?

Yes, my mistake. Those rates are indeed for a conventional loan. 

Message 8 of 18
New Member

Re: Wells Fargo FHA rates accurate?


@Madein84 wrote:

My Fico mortgage middle score is 660 and my rate on a 30 year FHA is 3.87. So if you’re mortgage score is above 700,  your rate could probably get a better rate with a different lender.  I would advise shopping around.

Hunting and element gave me the same rate. Premia gave me 4.5. I went w Huntington. 


Hmmm that seems like a good rate too me. 

Message 9 of 18
New Member

Re: Wells Fargo FHA rates accurate?


@JVille wrote:
When will your home be done? The rate today is worthless if you can’t close in 30 days. If getting an FHA loan when your FHA case # is issued it will be near impossible to get that case # moved to a different lender. It’s based on the property address and another lender can not come in and do an FHA loan and get a new case # for that address. Has you case # been issued?

Im not sure honestly. Im closing in late august on my new build. How early do they issue a number? 

Message 10 of 18