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Will an 815 credit score allow me to barter interest rates?

I will be looking to purchase my next home within 2-3 months. I checked my credit score last month to see where I stand and my FICO score was 815!  Does this give me an advantage to barter my interest rates with banks, or are their rates set and non negotiable?
  • July 05 2013 - Kokomo
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Answers (3)

For most lenders who make Fannie/Freddie Conventional loans, and USDA, FHA, and VA loans, anything above a 740 FICO gets you the best terms. There are a few portfolio or non-conforming lenders that have rate and or pricing discounts at 760, 780, and 800 but they are few and far between. Good job on your credit score!
  • July 05 2013
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If your loan amount is also large, AND your down payment is 30% or more, then maybe.  If you are a straight W2 employee your loan should be a piece of cake and there are discounts for the factors mentioned.
  • July 05 2013
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Rates are pretty much set.  You just need to find a lender that has aggressive rates as they will differ from lender to lender.  Also some lenders excel with certain programs more than others so that is something to consider as well.  

Also, make sure to consider the actual "Lender Costs" which are usually lumped together as one fee. This makes the shopping process a bit more transparent.

I would be happy to supply any additional information if requested.  Feel free to reach out through my Zillow profile to connect.
  
  • July 05 2013
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