question about FHA loan rates?
a friend is buying a house and his lender he is dealing with said for him too lock in the rate as of today 10-21-09 it would be 5.87,he called a second lender he previously dealt with and he said he could lock with 5.25..my question is can these two Numbers be right,i thought it was the same all around,why the two different Numbers….any help i can get so i can pass on,he hasn’t locked anything in yet but his time is running out and he doesn’t want to change lenders and get a higher rate for waiting any help
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FHA does not set the rate that will be charged. FHA insures the loan.
FHA does set limits, and it regulates what fees can be charged. FHA will not allow scalpers rate.