Financing in San Jose>Question Details

Mrtommyquach, Home Buyer in

What is the best FHA rate with a FICO score of 672, 647, 639 and 10% down?

Asked by Mrtommyquach, Thu Jun 21, 2012

Planning on putting down about 10%. What is the best rate FHA rate I can qualify for right now?

Help the community by answering this question:


3.5% with no points should be widely available with a 647 middle credit score right now. But rates change daily, and sometimes twice a day. So it can depend on when you get the quote. They could change tomorrow up or down. Let me know if I can assist, 858-922-7899.
1 vote Thank Flag Link Mon Jun 25, 2012
All these below are right...but if you want a simple answer- 3.75% with zero origination fee after your fico adjustment.

If you have additional questions...Don't hesitate to email/call me directly.


Ivan Diaz
Home Mortgage Consultant
(415) 271-7740 direct/cell
0 votes Thank Flag Link Mon Jun 25, 2012
You can qualify for any rate on the rate sheet, the question is how much the rate will cost you. There is a misconception that there is a prevailing rate for FHA loans and that's simply not true. Rates are available from 3.25% to 5% and varies by lender. Lower rates cost extra and higher rates rebate funds back to you that can be used for closing costs and prepaid expenses. If you want an accurate rate quote for your situation, you should speak with a qualified loan officer.

As for the comment about going to a bank because they don't have overlays, that could not be any more false. Most major banks do have overlays and overlays have nothing to do with "(extra pricing). That is not what an overlay is.
0 votes Thank Flag Link Fri Jun 22, 2012
You really should call my lender, Dave Setti with Turnkey Mortgage. You need more answers which are personal to you.

Rates change daily, like the stock market. Your financial situation affects your rates. Debt to income, credit score etc.

You've invested two days and received several emails into your research. And you haven't moved forward yet. I suggest you invest 30 to 60 minutes in a one on one consultation with my lender and then you will have a much better picture of what you can do.

Have an amazing day!
Web Reference:
0 votes Thank Flag Link Fri Jun 22, 2012
Rates can change daily and are not just based on credit scores. As previously mentioned, paying points or getting closing costs credits can come into play. In your case, 647 is the score for pricing, and since it is well below the 740 required for the best rates, your rate is going to be a bit higher than rates you might see online or published. In fact, with 10% down, by rights you should be in Fannie or Freddie loans, they would be much cheaper for you, however, with a 647 mid score, it is probably a tossup in terms of your final payment.
Best wishes, Jim
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Mrtommyquach,

It depends on the loan amount and whether or not you want pay "points" or receive a credit to lower your closing costs.
0 votes Thank Flag Link Fri Jun 22, 2012
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