Do FHA mortgage loans interest rates vary by lender or are they the same across the board in your area?

Posted on Aug 1, 2012 in FHA Information

fha loan information
by Editor B

Hello. How do I get an fha loan with little or no down payment? Whats the best bank to go through if your credit score isnt perfect? I appreciate any help or advice!

Best answer:

Answer by cactusgene
Your absolute minimum FICO score for an FHA loan is 625. Instead of looking for a bank that handles FHA loans you would be better off to look for a mortgage broker in your town who specializes in or at least handles many FHA loans. I also found that may experienced real estate agents have sources and names of mortgage brokers that they rely on for such loans.

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Question by Amy: Do FHA mortgage loans interest rates vary by lender or are they the same across the board in your area?

Thank you, try Michael. Do you know if the interest rate is negotiable or it will just vary by the lender?

Best answer:

Answer by Michael
Yes it can vary. It depends on the Yield Spread Premium the mortgage broker or banker is getting. In other words how much they are getting from the lender for doing the loan with them.

Yes, medications the rate is negotiable. Just find a broker or banker who isn’t too greedy. Ask them what the par rate for FHA loans are and they should tell you. The par rate is the going rate without any yield spread premium (ysp). These days brokers try to make the standard rate of 1 point, either 1 point on origination fee or a combo of origination and YSP. Good luck!

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