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Given the fact 10 yr treas yld finished today @3.4% can we be looking at below 5% rates for FHA's

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August 31 - Richmond Hill
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Zastro;

  That is where you do your due diligence in asking the prospective LO's questions about their fees and what guarantees there are that the "800 Section" fees do not change.  As Andrew mentioned, there are safeguards in place now that will keep any bombshells from popping up right at closing.
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September 01
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Zastro,

Point is that should not HAPPEN and if your realtor was smart they would be directing you to work with lenders that this doesn't happen with!  I am not saying it doesn't happen.  Although with the new disclosure laws it will be a bigger deal as closings get pushed out because loans need to be redisclosed.
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September 01
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Andrew,

My realtor only advised me to look out for these type of fees that although they are not on the GFE they may all of a sudden pop up at closing, unbeknownst to the buyer.

Thanks.
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September 01
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Zastro,

I agree with Joe if you are paying 5% + 1% call it whatever you want you are paying too much based on today's price.  The fact that your realtor is ok with an origination appearing at the closing tells me your realtor needs to surround themselves with better loan officers.
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September 01
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There does not have to be an origination fee and at today's rates you should not have to be charged one.
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September 01
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Is it true that, although someone may quote a rate for a 30 yr fixed FHA with 0 pts, there is still an origination fee for FHA's that will somehow show up on the GFE or subsequently on the HUD statement whether it stated disc, orig fee, etc...?

My r.e. agent has notified me of this.  In addition, I'v read stme rather contentious feedback from many of large contriburors of zillow.

Thanks.
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September 01
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I agree with Joe.

5-5.125% is very real today without points or a broker fee.

Below 5% is not.
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September 01
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A 30-45 day close is plenty of time as long as everyone involved in the transaction is on the same page.

My advice would be make sure whoever you use for financing understands your time frame and works with a lender that is able to get your loan approved in a timely manner.

Many lenders are overwhelmed and there approval times are very slow but there are still lenders that will approve an FHA purchase within a week once your file is submitted. Depending on what the approval comes back at you should be able to finalize the transaction within your timeframe.
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September 01
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You should be able to get 5% with no points/origination fees with no problem today.
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September 01
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Gentlemen,
First of all, thanks for all the feedback.

The issue that I have is I have found a home, price has been agreed but contracts yet are to be ccmpleted but will be by the end of the week.  I'm looking to close within 30-45 days.  Is this time frame at all possible? Would it be prudent to apply for a loan and lock in at 5%, if possible?  I have recvcd quotes from zillow and no where is it indicating that its with points. 

FYI, looking at a 30 yr fixed fha with a 6% s.c.

Thanks once again to everyone.
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September 01
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Paul it comes down to perspectve when a consumer is told that the rate is below 5% they think they can get that.  Which they can but it will not be for 0 points.  When you are on the threads you need to keep in mind you are not talking to a lender. 

Most consumers don't understand what par is and to claim 4.875% is available the consumer needs to know it will cost them something in addtion to standard closing costs to get that rate.
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September 01
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Correct it is at par. The question is asking if rates will be below 5% and they are. It didn't say anything about with rebate.
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September 01
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It's probably just a glitch AA.

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September 01
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Paul that's a par rate.  Are you closing loans at par without charging the consumer additional fees?

Doubtful...
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September 01
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I did see rates at 4.875% today with some lenders if you can get a 12-14 day lock on FHA loans. I'm sure your going to need to be "clear to close" before the lender will offer you that pricing.

With an eighth cost you can lock in with a 25 day lock.
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September 01
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Chris,  you may have spoke too soon.  A good reason not to make rate predictions.  The MBS market is off 7/32nds.  Nobody can predict what rates will get too 5% -5.125% is a great rate...why risk looking that?
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September 01
Yep.  I think we'll have par below 5% tomorrow morning.
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August 31
 

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