Compare FHA, VA and Conventional Mortgage Interest Rates on April 29th – First Time Home Buyers Tax Credit Expires Tomorrow
Posted on | April 29, 2010 | Comments Off
With the first time home buyer tax credit expiring in just one day many first time buyers are looking to compare FHA, VA and conventional mortgage interest rates on April 29th, 2010. At the present time we are seeing conventional 30 year fixed mortgage interest rates around 4.95%.
It is very important to note that these are the interest rates available for those with a very good credit score and history. If you have struggled to make bill payments in the recent past and your credit score has dropped below 740 then it is unlikely that you will qualify for a mortgage rate below 5%.
By contacting your mortgage lender or several mortgage lenders you will get a much better idea of what interest rate you will qualify for. It is also important to do research on the insurance requirements that come with an FHA mortgage. This can sometimes increase your monthly payment to much higher than expected.
With the first time home buyer tax credit coming to a close it would be very wise to take action as soon as possible. You must be under contract by April 30th, 2010 to qualify for the $8000 or $6500 tax credit.
Author: Jeremy North