How Lenders Determine Mortgage Rates On FHA Loans?

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How Lenders Determine Mortgage Rates On FHA Loans
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1. How Lenders Rate FHA Mortgage Rates Compared To Conventional Mortgage Rates
FHA loans are one of the most popular loan programs in the United States. Thanks to the government guarantee, lenders are more than willing to borrow and offer FHA loans with 3.5% prepayment with less than ideal credit from big mortgage rats. Due to the HUD guarantee, the mortgage rate on FHA loans is lower than on compliant loans. On average, FHA mortgage rates are 0.25% to 0.50% lower than conventional rates when comparing borrowers with similar credit scores. However, FHA loans have a one-time FHA mortgage bonus of 1.75% and an annual FHA lifetime mortgage bonus of 0.85%. All conventional loans above 80% require private mortgage insurance. The HUD allows borrowers with a credit rating of up to 500 to qualify for an FHA loan. The minimum credit score required to qualify for a 3.5% advance on an FHA loan for a home purchase is FICO 580.
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