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Joyce Said:

If your approved for a FHA loan and your mortgage lender is using the Genesis program is there any more help?

We Answered:

FHA is not theonly way to go. what is your reason for going FHA?
maybe you should shop your mortgage broker. I'm sure you shopped for your home. your mortgage will end up costing you 10 times more than your home over the next 30 years.

Good luck and congrats on your new home!

Stacy Said:

Do FHA mortgage loans interest rates vary by lender or are they the same across the board in your area?

We Answered:

Yes it can vary. It depends on the Yield Spread Premium the mortgage broker or banker is getting. In other words how much they are getting from the lender for doing the loan with them.

Yes, the rate is negotiable. Just find a broker or banker who isn't too greedy. Ask them what the par rate for FHA loans are and they should tell you. The par rate is the going rate without any yield spread premium (ysp). These days brokers try to make the standard rate of 1 point, either 1 point on origination fee or a combo of origination and YSP. Good luck!