What are the current FHA mortgage rates?

Posted on Apr 1, 2023 in FHA Information

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Question by vballbaaabee: FHA 203K mortgage with a Homesteps Foreclosure home?
Looking to buy a home and DIY rehab, viagra buy the realtor mentioned that since the home was already a Homesteps property that we would be able to get the mortgage and rehab mortgage all in one.
Anyone with experience able to offer any input into this?

Best answer:

Answer by golferwhoworks
So your realtor thinks they are a mortgage professional? 203 K loans require a contractor amd bids in the file. There is no do it yourself type of 203K loans. The easiest is a streamline 203 K where the rehab is less than $ 25.000 but either you or the contractor must put up the materials cost and then have that work inspected before funds will be disbursed. If the rehab is over that amount then there are draws at certain intervals for the repairs.
Realtors should only sell homes and not be loan originators when they are not
I am a mortgage banker in TN

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Stated Income Home Equity Loan

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Question by amyvicalina: What are the current FHA mortgage rates?
Also, prostate what are the pros and cons of an FHA mortgage?

Best answer:

Answer by k8nsarah
I am a first time home buyer. I decided to go FHA, about it since I didn’t have that much for a down payment. The down payment will be 3% of the purchase price. Depending if you’re a first time home buyer, dosage you could qualify for a low rate (I’m getting 5.25 based on my excellent credit rating and being a first time home buyer). Also, you can also get down payment assistance, depending on your income. Another pro is that the rate is fixed, usually a 30 year fixed rate.

I was told by my lender that many first time home buyers go the FHA route.

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2 Comments

  1. I am going FHA as well but I am being quoted 6.25% becasue recently rates have increased. Recently being the past few days-We are hoping there is a drop in rates so that I can lock in a lower one