Posts Tagged "4.375%"

Am I being offered a good mortgage rate? FHA 3.5% down 15 years 4.375% April 2011?

on Aug 16, 2012 in FHA Information | 4 comments

Question by creei27: Am I being offered a good mortgage rate? FHA 3.5% down 15 years 4.375% April 2011? The way they present mortgage loans is confusing, doctor so I would like some input. I am a first time home buyer, cost so I am eligible for FHA programs. The bank is offering me 3.5% down, adiposity 15 years, at 4.375%. The points on it are -0.125%, so they credit back that portion of the entire loan amount. They are also offering 1% cash back on annual payments, which amounts to like $ 70. Is this a good rate? I had been interested in the 30 year loans, but they say that the program offering they have is only good for 15 year ones. That is, I would have to put 20% down for a 30 year FHA, versus only 3.5% down on the 15 year one. Thank you in advance for shedding some light on this! On the 30 year, I was quoted around 4.8%. If it’s possible to do the 3.5% down on a 30 year, I may do that instead since the loan would end up being dirt cheap then. This loan is from Chase. Best answer: Answer by spalmerHave you checked with other lenders? FHA minimum is always 3.5% down — not 20% down (even for 30 years). The credits back to you may only be with the 15 year program, but it’s silly to put 20% down on an FHA loan because you’ll pay pmi regardless for five years. I would check on the rates that other lenders are offering to decide if this is a good deal — it sounds a little high for a 15 year loan, but you’re also getting a credit back and annual cash back. Add your own answer in the comments! Am I being offered a good mortgage rate? FHA 3.5% down 15 years 4.375% April...

Read More