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Ken,Even at 739 you should be eligible for the best rates at most lenders. 720 is pretty much the magic number (and for FHA it doesn't matter at all). There will be some lenders that will be able to give SLIGHLY better pricing if your FICO score is 740+, but for the most part it's 720.I'd say you're in really good shape.As for down payment, where are you located? Your loan will be underwritten one way, and the Mortgage Insurance will be underwritten to different guidelines. Some areas of the country still can not get mortgage insurance, even with 10% down, massive reserves, and a 739 FICO score. Although that is changing (for the better). I would see if you can get a conventional loan with 10% down and a decent MI rate, then have your mortgage planner do a total cost analysis for you to help you make that decision. As far as the term of the loan, please think strongly about NOT getting any term shorter than 30 years. It's just poor financial advice for anyone, at any time. A 10, 15, or 20 year loan may sound nice on the surface, but it's the 30 year loan that is the right tool for building wealth and creating true financial security. The shorter term loans only hinder your ability to reach those goals.Sincerely,Greg
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