FHA Home Mortgage Loan Interest Rates

4 Responses to “An approved mortgage with a credit rating below 620?”

1. A.Mercer says:

   January 11, 2010 at 11:26 am

   Who contacted who? If they contacted you out of the blue then it is a scam.

   If this is someone you contacted then it might be a scam. There are still some lenders who will work with people with less than perfect credit, especially if it involved an FHA loan and you have enough money for down payment and closing costs.

   By the way, there should be a ton of fees even on an FHA loan.
2. Rachel Ravage says:

   January 11, 2010 at 11:54 am

   That doesn’t sound right. Are they trying to get you to get an adjustable rate mortgage? It might even just be an offer to “apply”.

   There will be up front fees with an FHA you will have to place a certain percentage down on the home plus escrow (which will cover taxes)

   Be careful.
3. Christian J says:

   January 11, 2010 at 11:56 am

   There are rarely any upfront fees except the appraisal on most mortgage applications. But, that does not mean they will not pack the fees into the actual transaction. You are being lied to if anyone offers to a mortgage that will close with no fees. FHA loans are particularly price because they have upfront mortgage insurance premiums, and all the other standard industry fees (origination fees, discount points, applications fees, processing fees, underwriting fees, title fees, etc.).
4. STEVEN F says:

   January 11, 2010 at 12:49 pm

   A major lender is very nervous to give you an FHA mortgage

   This is the giveaway that the offer is most likely a scam. NO lender is ‘very nervous’ to give you a loan.

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