Posted on: 26th Jun, 2012 01:28 am
Lot of people say that all FHA rates are the same, regardless of credit score. My LO told me that the rates vary by credit score. Does the FHA have guidelines on this it is it left up to the lender?
Hi Ninja!
Welcome to forums!
Your LO was right in saying that the rates may vary according to credit scores. However, if you have a standard score like 640 - 680, then rates will be more or less same.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your LO was right in saying that the rates may vary according to credit scores. However, if you have a standard score like 640 - 680, then rates will be more or less same.
Feel free to ask if you've further queries.
Sussane
One thing about FHA is you have mortgage insurance and up front mortgage insurance. Meaning if you go FHA, you will have a higher payment then if you went for a conventional loan. Not putting 20% down, you would be required to have mortgage insurance on conventional, but the rates are lower for the insurance on conventional then on FHA.
