Profile picture for LALM

can I get lower than a 4.75 on an FHA with a credit score of 785?

  • March 24 2009 - Houston
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Answers (10)

yes, but your fees will be higher.  This is a good trade off if you plan on staying in the home/mortgage for a long period of time.
  • January 13 2010
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Profile picture for BSRL
The simple answer is Yes. 4.75 can be had in todays market. Let me know!
  • January 13 2010
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FHA loans are not based as heavily on credit score as other types of loans.  Rates can also change daily, even hourly.  Check with your lender.  No matter what rate you get, right now we are in a great time of interest rates.  You should consider yourself lucky to get anywhere near 5%! 
  • August 16 2009
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Profile picture for Silver Mortgage Co.
The short answer...based on today's (Aug 13) rates for a 30yr fixed without discount points is "no" (for a 15yr...the answer is "yes").

High credit scores have negligible meaning on most FHA loans with respect to rate.

Steve Silver
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  • August 13 2009
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Profile picture for kevin2009
Credit scores does not affect FHA loan rates that much..... Some lenders can go for that rate..... 
  • July 23 2009
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FHA loans are not tiered based on credit. The lender determins the score based on the banks current pricing or rate sheets. Shop around, however I know of no one who is getting a rate below 5.25 with out buying down the rate with discount points. I can get you a rate lower that 4.5% if you are willing to buy down the rate.
  • July 22 2009
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Yes you can, it is up to the lender on how to get you that rate.  Depending on your loan size, it might be worth their while to do it and still be able to cover all the overhead.  That rate though could come and go, exepct a .125% difference on any given day.  Lock if/when offered.
  • March 26 2009
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Profile picture for vikhanh
I got 4.5 with 0.125 buy down point from Bank of America.  I did have a good 5-year-payment record with them though.  Good luck!
  • March 26 2009
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thier = their, as in belonging to " them "
  • March 25 2009
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Usually no, rates are the same for 785 as they are for 620. Having said that, I have 1 lender who has a special incentive for scores over 720 but thier pricing, even with that incentive, is 5%. Have another that gives.250 over 700 but that is in the price so it cant move the rate.250. I am seeing a couple of lenders quoting 4.5% but are rare. 4.75% is excellent and if you have looked around or received multiple quotes on Zillow, then lock it @ 4.75%.  

  • March 25 2009
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