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FHA loan with 740 credit score

what's the best rate I could get in the area of seattle by snguyenn72983957 from Seattle, Washington. Mar 17th 2015 Reply


Dave Skow (daveskow)
#16 ranked lender in Washington - 142 contributions

Thanks for the Seattle question ...fyi - the lower the rate - the higher the loan fee......so for an example a 30 yr fixed FHA rate of 2.875% is available but the fees ( aka points ) connected to this rate are huge ( over 5% ) .......the normal loan fee of 1% has a fha rate in the 3.625% to 3.875% range right now ....there are other elements that affect pricing so if you would like some detailed / accurate options - feel free to call or email me in Seattle ...Dave Skow 206 714 9745 daveskow@eaglehm.com

Mar 17th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

So much goes into calculating one's qualifying interest rate that it's borderline incompetent for any loan officer to quote you just based on an unverified borrower or credit score, It's also illegal to quote a rate without quoting an APR, and my opinion is that anyone that does, is probably someone you should avoid using, since you would be setting yourself up for disappointment... Loans are priced using the MID score of all 3 major bureaus, not the highest score.. Also, if there is more than one borrower, the loan will be priced using the LOWEST MID SCORE of all borrowers.. any credit deficiencies? BK, Foreclosure, Short Sale, Unpaid Student Loans, Unpaid Taxes??? if you had an 850 credit score, yet had one of these deficiencies, you could still be denied.. Do you have money for a down payment, or do you need to use a local down payment assistance program? If so, most lenders will charge a higher interest rate.. What kind of property are you interested in.. Condo? Duplex? Single Family Home, Manufactured Home? Loan pricing will be different for all of these property types.. What price range are you looking in? Loan size can also affect loan pricing.. I could go on, but you get the point.. This I know for sure.. Rates are LOW.. really low.. so if your're serious, then do yourself a favor.. pick up the phone and contact a local mortgage broker.. once they have the required info, they can put their quote in writing, and no more guessing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 17th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

The rates quoted by Dave above should be widely available from most lenders depending on other details of your application. Often borrowers with a 740 score find a conventional loan makes more sense, a good mortgage officer will evaluate both options for you.

Mar 17th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

In all honesty I would be lying to you if I told you what the rate is because rates are specific to your situation. Sales price, down payment, debt to income ratio, property type, owner occupancy are just a few of the things that can change an interest rate. It is best to talk with some local loan officers, share your information with them so they can give you an accurate quote. Interest rates change through the day and can change without notice until you are locked in. Best wishes, Sean

Mar 17th 2015
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