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How will our rates be impacted?

My wife and I are looking to purchase our first home in the next 6-12 months. We recently pulled our credit - my FICO score is a 773. Hers is 729 - largely due to a few late payments and a medical collections account (for a whopping $20) - both in 2007. 

Our hope is to avoid FHA and put at least 5-10% down on a conventional loan. When applying for a mortgage - how will our rates be determined between our credit? 
  • September 12 2012 - US
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Answers (3)

It will be based on the 729 score.  If you qaulify for the loan your self you might be able to get a better rate or closing cost with just your score.  the high end at most lenders is 740 or 760.
  • September 20 2012
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Lenders will use the lower of the two scores for you and your wife but, both of your credit scores are more than acceptable for getting a conventional loan at a good rate. Best of luck! 

  • September 12 2012
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your credit scores arent bad at all - you will be fine as far as that goes.
  • September 12 2012
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