Home Buying in California>Question Details

Tsw, Home Buyer in Alameda, CA

Is there a difference in cost between different lenders for FHA loans?

Asked by Tsw, Alameda, CA Mon Sep 15, 2008

We have almost perfect credit score, 0 debt, and above average incomes, but want the 3% FHA down payment for owner occupied duplex loan, instead of taking money out of other assets.
Should we shop around for different rates or are all lenders going to cost the same for FHA loans?

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3
Dear Tsw,

All lenders have a little different fee structure, the FHA Loan rate also will depend upon a lot of different criterias. I have a couple of good lenders I can refer to you, if interested. Pls do contact me.
Just FYI... FHA down payment as of 1st Oct 08, will be 3.5%, up 1/2 % than now.
Dont shop around too much, you dont want more than 3 persons pulling your credit score in a month....lenders doing so within the month will not affect your score. In the meantime, no large expenses, and no extra debt in any form....build up your credit!
Be well and safe, thanks,
Nina
0 votes Thank Flag Link Mon Sep 29, 2008
Hi,

Yes there will be different cost. Lenders again are all about the numbers. Just be careful if you are shopping around. You don't want everyone pulling your credit. It will effect your numbers. Feel free to check out my website. I have two mortgage professionals that can also give you some advice. One is in California and the other NY.
Hope that helps
Best Regards,
Susan
0 votes Thank Flag Link Mon Sep 15, 2008
Lender answer:

Profit margins on interest rates vary from lender to lender just like any other service or product you might buy. Additionally, rates will vary for dwelling type (such as duplex versus single family residence) and if you qualify for approval from FHA TotalScorecard (software that analyzes your application) or must rely on traditional manual underwriting.

With good credit (credit score is irrelevant to FHA), low debt ratios, assets in reserve after down payment and closing costs, employment stability (more than 18 months with the same employer), and presence of savings/retirement accounts... you'll probably fly through FHA TotalScorecard and receive the most competitive rate.
0 votes Thank Flag Link Mon Sep 15, 2008
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