FHA Home Mortgage Loan Interest Rates

5 Responses to “Can I get approved for a bigger mortgage if my rate goes down?”

1. A W says:

   January 23, 2010 at 11:56 am

   Not much more. Your mortgage approval is also based on your credit history, not just how much you are borrowing. Talk to your loan officer to see if they can do anything about the terms. It sounds like they can’t though…if you are at 7%, I am guessing you have some credit bruises. Also, DO NOT keep having lenders, builders, etc pull your credit. Each time it is pulled, your score goes down.
2. Biggie @ Arbor Mortgage says:

   January 23, 2010 at 12:09 pm

   I don’t know how you would get a loan @ 5.5% through a builder, but lets say you do. You would qualify for about $150,000.00 – roughly!
3. summersnow says:

   January 23, 2010 at 12:45 pm

   Entirely possible. If you are looking to get approved for a traditional or FHA loan, it will be based on what your monthly payment will be. If your payment on $130K @ 7% will be the same as $150K @5.5%, then very possibly. But, if the builder will be carrying the loan (???) he gets to determine the terms by which he will qualify you. He who holds the money makes the rules.
4. Lisa L says:

   January 23, 2010 at 12:57 pm

   It depends on how the builder is getting you 5.5% rate. Is he offering a temporary buydown? If so, you now have to qualify at the note rate so that would not help you. If he is buying your rate down with points, talk to your lender, you may be able to go higher.

   Mortgage companies (no matter how many) pulling your credit in a 30 day period will not alter your score at all. I doubt the builder pulled your credit. I don’t know why the first poster made that comment.

   You should be able to get 6.5% rate no points, no origination, on a 30 day lock if your credit score is decent. Be aware that FHA made some pricing changes effective July 14, 2008 based on risk. Your upfront MIP & monthly MIP could be higher than you thought.
5. Does anybody know of a credit card that once approved I can have instant access to? | credit card says:

   January 24, 2010 at 3:03 pm

   [...] Can I get approved for a large mortgage if my rate goes downbound … [...]

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