Questions about mortgage broker, rates, FHAHello everyone!My real estate agent told me that for a FHA loan, all you need is a 620 FICO or better to qualify and everyone gets the same standard interest rate. To me this seems very strange that a person with a 621 FICO gets the same rate as someone who has 800 FICO. I have a FICO of 670 but I am using about 45% of my total available credit. All of my credit card debt is on 0% cards. I have the cash to pay off the cards and to put down $8,000 but for now I am collecting interest. If FHA people get the same rate no matter the FICO score, then there is no hurry on my part to pay off credit cards. Is my real estate agent correct that FHA loans get the same rate? Next, playing off of my first question, I received a Mortgage Broker Fee Agreement and Disclosure form I needed to sign. The fees are $595 Application fee, $695 Processing Fee, and Origination fees will be no more than 1% of my loan. Then there is a line that says, "Based on current market rates and your current loan request, the lender may pay Broker 1% but it may go up to 2%"This to me is confusing because at first it says the fees won't be more than 1% but then the next paragraph says it might be 2%. Which is it? Now if FHA loans all get the same rate, why would I pay a broker fee? They didn't have to do any searching for a loan, right? Do these fees seem reasonable? I have received a GFE. Are these broker fees usually included on the GFE or is this an additional amount?August 04 2009 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.