Two lenders quoted the same 6% FHA rate on a new-construction purchase — is that too high, and am I doing the right thing?

Two lenders landing on the same number does not make it a fair number, especially on new construction. Builders often steer you to their in-house or preferred lender to capture a closing-cost credit, and those lenders sometimes recover the credit by quoting an above-market FHA or VA rate. Retail shops in particular are known to subsidize their conventional pricing by inflating FHA and VA rates, so a quote that looks a bit rich can carry a markup of a couple of points baked into the rate. Getting the same high number twice can just mean two lenders playing the same game. How to judge it: - Find par. Compare the quoted rate against the true zero-point rate for an FHA loan with your profile. The written Loan Estimate reveals it once you see rate, points, and fees together. - Weigh the incentive. Stack the builder's credit against the extra rate you would pay over however long you expect to keep the loan. - Preserve the exit. If the incentive is worth taking an above-market rate, keep the loan low or no cost so you can refinance later. FHA's streamline refinance is light and low cost if rates improve, so you are not stuck. Send us the Loan Estimate and we will tell you whether that rate is padded. The 6% here is illustrative, not a market quote.