FHA Mortgage Rates Low and Jumbo Rates High
Filed under FHA Videos, FHA news, Mortgage News · Tagged: FHA mortgage, FHA mortgages, jumbo mortgage rates, refinance
New homebuyers benefit greatly because these FHA mortgage loans maintain low rates and HUD’s flexible credit guidelines ensure that fico scores are not the driving factor for approval like how conventional underwriting guidelines use for approving refinance or purchase loans. FHA mortgages are more aggressive with less equity needed for home refinancing and less needed for depositing with traditional home financing.
CBS News’s Kelly Wallace reports that FHA rates and conforming interest rates have dropped significantly, but jumbo mortgage rates remain high, because lenders don’t want to offer low rate incentives for these high risk mortgages that many borrowers in high cost areas find themselves stuck in.
