Is there such a thing as a government mortgage rate?
Mortgage
swtsarina asked:
Countrywide told us that for a 30 year fixed rate for a $417k loan it would be 6% because we work for the government and any mortgage company will offer the same exact rate because it is the “government rate”. Is this correct? I never heard of such a thing.
Ray
Countrywide told us that for a 30 year fixed rate for a $417k loan it would be 6% because we work for the government and any mortgage company will offer the same exact rate because it is the “government rate”. Is this correct? I never heard of such a thing.
Ray
May 21st, 2009 at 11:55 am
Tina
No, its not correct. There is no such thing. Any FHA or VA approved lender can set their own rates. The government does not give home loans, they insure them so they have little to do with the actual pricing of the mortgage. While 6% is fairly standard right now for a FHA or VA loan, it may vary from lender to lender so you should still shop around.
May 24th, 2009 at 12:45 am
Howard
sorry that is not correct. and even if its a government rate it a little high a good rate for someome with around 700 score is 5.850
you are a government worker of some kind what is your jobs? there are some programs in some state called “my comunity” that offer a slightly lower rate to police teachers etc. As far as a magic government rate I dont think so. IM A BANKER!
Asuming your scores are above 680 and you have the income to support such a large loan you should be able to get a loan at 5.850% at least!
your most likely working with a unqualifiedor inexpiranced broker broker