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hey... I was dealing with HSBC bankand they were giving me 5% interest 0 points. That was great! everything was good untill the house was not qualified for FHA (they found this out about 2 months later near to closing) they moved my file to another bank that it is able to fix the FHA problem, but the rate they are giving me is 6% .... My credit score is 744. my income is gross $1500.oo biweeckly. a little less ame times a little more others,... so, is this 6% fair? or should I just look for another house? the house values is $136,000. closing cost $10,000.00 seller pays ionly $3,000.00 ... what you think, I should just look for samething else?
rates have really gone up, but I think you should shop around and let the broker know you are. Yesterday Wells Fargo was quoting 5.75 - no points, nor origination fee. that was for larger loans. If you're going for a smaller, conforming loan, you should be able to score 5.5%. CHeck out their website. It might quote with 1 pt origination fee, but I haggled with the LO at WF and got it with no origination to compete.
That said, I found another broker and locked 5.5% for a larger conforming loan, no points, no origination.
Your strong credit won't help you on rate for FHA, but will be a compensating factor if your DTI is a little high or something.
Look it's a $136k price? What is searching and searching for a quarter point going to really get you, besides exasperated?
You really want to go through all this mess again, based upon what some other jerk SAYS he can lock you at?
Ride this one out. See if they can offer a Free Float-Down, and cross your fingers. 6% ain't bad. Just get this thing behind you. Save your headaches for debt you CANNOT write off. IMO.
You can always do an FHA Streamline later on, if rates drop lower than 6%. I currently have an FHA loan, bought home less than a year ago, and currently doing an FHA Streamline and dropping my rate to 5%.
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