Financing in 48220>Question Details

Michigan, Home Buyer in Ferndale, MI

What are the interest rates you're seeing for a 30yr fixed fha loan?

Asked by Michigan, Ferndale, MI Thu May 7, 2009

I am purchasing a home and I was told there are different types of fha loans that will affect the interest rate. (1) being the amount of loan I am requested, which is not a lot and (2) being the amount I am using for a down payment. Can you let me know what trends your seeing as far as fha interest rates? I realize that some banks use tiers when assigning interest rates, but was wondering if that's across the board?

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4.75 %-5.15%
Good Luck
1 vote Thank Flag Link Thu May 7, 2009
If it is a standard FHA loan (not a 203k rehabilitation loan) then you could expect 4.75%-5.5% depending on the loan amount and if you are paying points or not. A 203k loan could be 1/2-1% higher

Like the others said, check with 2 or 3 reputable, local lenders to get an idea of what you qualify for
0 votes Thank Flag Link Tue May 12, 2009
It all depends on the lender. Get 3-4 quotes.

I am a mortgage broker. If I can be of service, please let me know!


I am on line now!
0 votes Thank Flag Link Sun May 10, 2009
Michigan, You might have some fun looking around here...
0 votes Thank Flag Link Sat May 9, 2009
Just to ask, have you looked into qualifying for a mortgage through a MSHDA approved lender. If you qualify, they may offer lower interest rates.

Wish you luck.
Web Reference:
0 votes Thank Flag Link Sat May 9, 2009
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