Many people assume the FHA sets the interest rates for FHA loans in Colorado. But the FHA’s role is only to insure the loans for lenders. FHA-approved lenders set the rates based on the current market, along with other personal criteria.
FHA lenders look at your personal qualifying factors. The less risk of default you pose, the lower the interest rate they’ll quote you. Lenders use risk-based pricing which means the higher your chances of default, the higher the interest rates lenders charge.
To get the best interest rates, lenders look for:
I work with many Colorado FHA lenders, each of which offers different interest rates. I’ll work closely with you and the lenders to secure the best FHA loan interest rate possible for your loan.Purchase Qualifier Refinance Rate Checker