I live in NY and I currently enjoy an offer on a townhouse which needed an FHA spot approval (it is not currently approved). My lender is stating that I enjoy been given an interest rate within the high 6's because the condo wasn't FHA approved and required an FHA spot approval. I don't win it...if a spot approval was done why should that affect my interest rate?
Answers: It is not FHA it is the lender's guidelines. You are considered better risk.
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Answers: It is not FHA it is the lender's guidelines. You are considered better risk.
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