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gmakerley · Posted: Tue May 17, 2011 7:43 am Post subject:

I don't think that interest rates are substantially lower on an FHA loan as opposed to conventional, Guest.

Not only that, but "you will require a low credit score in order to qualify for an FHA loan" is quite an anomaly.

Indeed, borrowers may qualify for FHA loans with lower scores than required by conventional loan standards, but it's not exactly a "requirement," after all.

sburugu · Joined: 23 Feb 2011 Posts: 15 4.34 Dollars($)

Mr.Akerley, your statement is confusing, what happens if we have higher credit score like 800?.
I am asking this question because, recently in some site i have seen that interest rate has increased when i change credit score from 720 to 800( not sure if its just a bug in their web site)

gmakerley · Posted: Sat May 21, 2011 10:45 am Post subject:

The higher your score, the more favorable the rate and corresponding fees would be to you. To see a rate increase with a higher credit score simply doesn't make sense.

Some lenders might show rates with a score of a certain number and above, which eliminates breaks for someone with an unusually high score, but you'll typically find that an 800 will give you a better deal than anything lower than that.

jordandunn2011 · Joined: 24 May 2011 Posts: 2 1.38 Dollars($)

I don't know whether you have clear idea abut why rates differ from one mortgage service provieder to another. Mortgage rates depen on your credit score, time, down payment and also type of lender/provider. So you are not missing anything but for secure lowest possible interest rates you have to have information from at least 10 companies and they you will be able to choose a suitable one.
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Jordan Dunn
VP of Operations, First Mortgage West
http://www.firstmortgagewest.com/

gmakerley · Posted: Tue May 24, 2011 11:22 am Post subject:

10? Jordan, how did you come up with that magic number? I'm just curious.

unab · Joined: 25 May 2011 Posts: 68 9.62 Dollars($)

How come some banks has low mortgage rates and some at high ?

gmakerley · Posted: Thu May 26, 2011 12:20 pm Post subject:

If we had an idea where you gathered that data, unab, we would have a better opportunity to give you a reasonable answer.

unab · Joined: 25 May 2011 Posts: 68 9.62 Dollars($)

Low credit score ? Is that true for qualifying for a FHA loan, does'nt require a decent credit score ?

gmakerley · Posted: Fri May 27, 2011 11:09 am Post subject:

FHA will allow scores as low as 500. That doesn't guarantee that you'll find a lender willing to offer their products to borrowers at that level. That also doesn't guarantee that you'll be approved at 500. There's so much more than simply a credit score that enters into the decision-making. With a terrible score like 500, you'd have to pretty much be debt-free and earning a whopping salary, while at the same time having a pretty dedent down payment.

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