If I'm applying for an FHA loan will I get the same rate regardless if I go to any bank/broker?

Asked by Roshan, New Haven, CT Mon Apr 30, 2012

My wife and myself both have excellent credit (scores over 760), if we apply for an FHA loan will the rate we receive be the same everywhere? Or should we still shop around?

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Mon Apr 30, 2012
Based on your credit scores, if a broker can't get you a 3.75% for a FHA 30yr fixed-rate there is something VERY wrong.

Give me a call when you have a free moment as I work with 30+ lenders (Wells Fargo, Citi, etc.) and can assure you the lowest rate will be obtained. Not to mention it'll save you a bunch of uneccessary credit pulls which could hurt that great score of yours. I look forward to hearing from you.

(201) 203-2266
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Apr 14, 2013
Rates do vary from one lender to another. I can also tell you that with your credit scores you should be n the neighborhood of 3.25% or so fixed for 30 years and paying ZERO points, in fact this rate often allows us to give you what's called lender credits which is money that can be used towards your closing costs. Rates and fees are different from one lender to another even if you're comparing two bankers or two brokers or a broker to a banker.

I always advise people to not only shop rates and fees, but rather a reliable and trust worthy Loan Officer. I want to advice you that in June of 2013, there will be HUGE changes to the FHA program that'll make it more expensive for you the buyer. Consider speaking to an FHA experienced Loan Officer to pre-approve you.

Feel free to contact me if you need help from a reliable Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
0 votes
David Carr, Agent, North Haven, CT
Mon Apr 30, 2012
Interest rates and HUD1 Lenders Sect. 800 charges are different very items........David Carr..........203-654-2905
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Ron Thomas, Agent, Fresno, CA
Mon Apr 30, 2012
FHA insures the Loan, but the loan is approved and issued by each individual bank:
The Rate and Terms from Wells may be quite different from BoA.
You sound like a very good candidate, so you should be in demand.
I am sure that you will get good responses here on Trulia.
Good luck and may God bless
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Apr 30, 2012
FHA just means it is partially guaranteed by our tax dollars. Banks, lenders, mortg brokers all compete with each other and interest rates will vary for one to another and from day to day.
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