Posted on: 28th Feb, 2010 12:34 pm
Hello everyone
Got another question for ya'll.
Iv been working on getting my scores up over the min. 620 to get a fha loan, so for Iv had great luck and they seem to be getting in the higher 600
but my question is does this afect my rates on a FHA loan will a score of 680 get a better rate with a Fha loan then the min of 620?
thanks
Got another question for ya'll.
Iv been working on getting my scores up over the min. 620 to get a fha loan, so for Iv had great luck and they seem to be getting in the higher 600
but my question is does this afect my rates on a FHA loan will a score of 680 get a better rate with a Fha loan then the min of 620?
thanks
Typically, the higher the score the better off you are. However, with FHA once you hit that 620 mark you will not get much better as far as the rate is concerned. There ARE lenders who will allow less than a 620 score too. FHA LENDERS
Some Lenders have lower interest rates and loan fees for consumers with higher FICO scores. Since you're in that boat, you should do a lot of shopping around so you'll more likely find one of those Lenders.
so with a higher fico score it may not be the best bet to go with a Fha loan ?
Hi clay,
With a credit score of about 700, it's better to go for a conventional loan. You can expect to get a good rate of interest on the loan if you have such high credit score and you meet the other eligibility requirements. However, you will have to make a larger down payment on a conventional loan as compared to the minimum down payment requirement of 3.5% on an FHA loan.
With a credit score of about 700, it's better to go for a conventional loan. You can expect to get a good rate of interest on the loan if you have such high credit score and you meet the other eligibility requirements. However, you will have to make a larger down payment on a conventional loan as compared to the minimum down payment requirement of 3.5% on an FHA loan.
If you have 20% or more to put down. I would suggest going conventional. If you're looking to put as little $ as possible down, go FHA. There isn't a MAJOR difference in interest rate. Conventional doesn't have UFMIP and if you'e putting 20% down, you won't be required to pay monthly mortgage insurance. Besides that, there isn't a vast difference in rate. Don't get yourself crazy shopping around. Find a loan officer you're a comfortable with and move forward.
