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dryflydryfly
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    @MNGophers29 wrote:

    @rowshkex wrote:

    At what point is your credit good enough to get a good rate? Or are rates proportionally better with better credit all the way to the “best” score?

    Here is a good article that explains it:
    http://www.bankrate.com/finance/mortgages/how-credit-scores-impact-your-mortgage-rate-1.aspx

    As for FHA, your credit score determines your payment. 580 and above, your payment is 3.5% of the loan. 500-579 and you are looking at a 10% payment….basically saying they don’t want you to have a mortgage.

    They are saying – rent longer, fix your credit. And with scores that low they would be right. Don’t think that pertains many here but is real. We my oldest sons story for awhile … Casualties of the financial crisis plus his wife had bad student loans from before they married. Took them three years to clean up but now have a home they can easily afford. House price less than 1.5 times their income …

    It can workout okay. Just need to be patient and understand the system. Not have terrible luck helps too.