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Can I get the best possible rate on an FHA Loan in Florida with a score of 719?

I'd like to know what the best FHA rate is and if I'd qualify for it with a credit score of 719. I work full time at my salaried job and have been there for 5 months. I was self-employed for 10 years prior. by imtheoneandonly1516 from Port St. Lucie, Florida. Jan 18th 2017 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Much more info needed.. Loan pricing is based on many factors.. with credit scores being just one of them.. For all loans, your qualifying credit score is based on the LOWEST MID SCORE OF ALL BORROWERS.. meaning, if you and your spouse apply, then we will run all 3 major credit reports on both of you and use the lowest mid score for loan pricing.. but again, other factors play in.. Loan to value? FHA requires 3.5% down, but the rate get's better the more you put down.. Property type? Single family home, Condo, duplex, triplex, 4-plex, Manufactured home? Each of these property types have different rates and down payment requirements.. What state? Each state is priced differently.. etc, etc, etc.. Without knowing all the details, it's impossible to say... and any competent loan officer would never quote you based on an internet post.. For this reason, I suggest you contact a local mortgage professional and let them look at your complete loan profile.. once they have all the info, they can advise you on several loan products which will meet your scenario.. then you can make a qualified decision.. WilliamAcres.com Arizona/California. NMLS#226347 480-287-5714

Jan 18th 2017
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

You likely will qualify and I encourage to shop around Florida for a mortgage broker.Typically on a 30 year fixed right now you can find 3.75% with an APR varying somewhat from one low rate lender to the next. Because of the funding fee towards PMI added to the loan it adds that much more cost into the APR so might get a little thrown off in looking at APRs for an FHA loan. So even though I was able to put in a home purchase loan with a 1% lender credit back to the borrower... the escrow, title insurances, financed funding fee, and minor miscellaneous costs on a purchase loan made the APR a good deal over 4%. Someone doing a streamline FHA refinance might have 3.75% with a 3.791% APR because of a lender rebate and rebate on mortgage insurance along with typically much lower fees for a refinance than a purchase. APR is a government mandated requirement to help compare costs of a loan, but the lower actual rate is what the payment is based on. Check with Mortgage Brokers doing business in Florida as they typically have access to great rates on FHA loans. Get qualified with one. You can always shop rate and mortgage brokers for one you feel comfortable with.

Jan 18th 2017
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Paul Hartz (paulhartzfinance)
#131 ranked lender in Florida - 3 contributions

Mr. Acres hit it on the head. Many factors (risk) are figured into a rate that you earn. the score begins that layering process. Also Mr Gray understands the specifics and the need for a broker. Using a broker will allow them to shop a number of lenders and provide the very best. A bank has one rate and one approval/denial process. either way you get the door. A broker too can work on your behalf and "fix" any issue initially that may pop up, even if after submitting to a lender. The Fix is done, and submitted to a different lender. Paul Hartz FL NMLS 336020 561-768-1891

Jan 19th 2017
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Find the best rate then bring to me and I will beat it

Jan 19th 2017
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Mike and Jill Kohler (LenderMike)
#32 ranked lender in Pennsylvania - 56 contributions

Like William Acres said, there is much more info needed. You are indeed probably only hearing of 1 score, and lenders look at all 3, and use the middle score to qualify you. Also an underwriter will need to make sure you income qualifies. Just because you have a salaried job, it does not mean you are making enough money to qualify for the loan. I would take Williams suggestion also and contact a local mortgage professional so they can see your entire financial situation.

Jan 22nd 2017
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