One of my readers emailed me and posed this question about FHA loans today:
Is there a set rate for FHA home loans that's standard around the country?
For complete information about FHA loans and programs, I'd suggest visiting FHA's website at www.fha.com
I also asked Ernest Tepman of OCD Group who specialize in FHA loans and programs to give us an answer to this question and here's what he says:
The answer is that there is no standard rate for FHA loans, each lender and at times even individual Loan Officers from same lender can offer different rates. The guidelines for the FHA programs are almost identical from lender to lender (but there are lenders who sometimes add individual overlays on FHA guidelines above what FHA actually dictates), which results in strange things occasionally, where a specific file will be eligible for FHA financing with one lender and not the other, not often, but it does happen. Keep in mind FHA only insures the loans, the actual loans are made by banks, so even though your loan is FHA, it is still from Chase, Wells Fargo or Countrywide :-)
READ MORE: Advantages and Disadvantages to FHA
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