Profile picture for Optimus012

FHA interest rates today and tomorrow

Where I'm at, the mortgage jumbo loan limit for FHA is something like 600K. A lender I'm working with says there's a difference in rates for loans lower than 417K and those above.

If that's the case, what kind of FHA 30 year fixed rates are there right now for a loan of 415K vs a loan of 420K. I'm looking to lock a rate tomorrow and want to get a basis if the lender is giving me high rates or not. My credit score is 750+. Thanks.
  • August 29 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Borrow $417k instead of $420k.

Some lenders are higher above $417k and some aren't; if the one you're working with is higher then the extra $3k down puts an end to the worry.
  • August 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That spread will vary by lender. A rate alone has little significance. You need to look at the rate and corresponding adjusted origination fee for the lender you are working with, compare it to pick the best value choice then do an equal analysis at other lender choices.
  • August 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.