FHA mortgages and Points

can FHA mortgages be "bought down" by buying points? or is that only for "conventional" mortgages?

Re: FHA mortgages and Points

We bought a point on our FHA loan and got 5.25%.

Re: FHA mortgages and Points

Re: FHA mortgages and Points

yes, we bought a point too for an FHA loan!

Re: FHA mortgages and Points

we are doing a conventional loan, no points and our rate is locked at 5.375 (it was orignally 5.5 but we were able to lower it yesterday b/c the rates dropped - but we can only do that once - we decided not to be greedy and take the 5.375 while we could instead of waiting to see if we could get lower).....

we have the option of buying a point to lower the rate - but for the price of the point we'd have to be in the home over 5 years (to see the savings)....we aren't sure if we are going to be there that long so we decided against it....

we were also thinking about paying more towards our mortgage every month, but again, if we only stay in the house 5-7 years it isn't worth it for us to do that....

you have to go over your finances and see what is best for your situation....sometimes it's not worth buying the points.....for us it was not....