FHA Rate (loan officer, pre-approved, credit score, loan)

[gc333]

Guys I have a credit score of 703, Wells Fargo locked me at 6% paying .750 of a point, do you guys think that is fair?

[kcam213]

6% AND paying points? I don't know the going rate.. but sadly it is higher than when I got pre-approved for future loan.

[esmith143]

AimLoan.com - Online Rates & Good Faith Estimates. Apply and Lock Online.

currently showing FHA 5.875% with no points.

[VictorBurek]

You should be able to get 5.75 paying the .75 point, so that rate seems high. When did they lock your rate? Are you doing more then 3% down? With that score you might want to do a conventional loan with 2 mortgages, but you will have to put at least 5% down.

[renriq02]

Well if the loan amount is very small then that would justify the rate...

What is the loan amount? What is the state you're in?
and what is the appraised value or purchase price?

[ShanetheMortgageMan]

Originally Posted by renriq02

Well if the loan amount is very small then that would justify the rate...

What is the loan amount? What is the state you're in?
and what is the appraised value or purchase price?

Spot on there chap, spot on. Without knowing the details there is no one who could say for certain if that is a fair offer or not.

[gc333]

The purchase price would be $126,000, doing FHA with 3% down. The property hasnt been appraised yet. I am in Florida by the way, thanks guys.

[VictorBurek]

That is a fair offer on that loan size. I would maybe ask your loan officer if you paid a full point can you get 5.875%.