What accounts for the spread between the 30 year and FHA/VA?

[Sean Bramble]

Is it credit score? Do mortgage rates for FHA/ VA not change with credit score, while the standard 30 year does? Just trying to understand how the 3 relate to one another

[Jay Hurst]

@Sean Bramble FHA is much less sensitive to lower credit scores then conventional loans. FHA is designed for lower down payment, lower credit scores. You will notice a HUGE difference in pricing when you get down to the mid 600's for example. The LLPA for conventional loans stair step down the lower the score, where FHA does not do this. (some lenders do but FHA do not)

Fannie Mae LLPA matrix