I have a middle fico of 700, is it worth it for me to work on my credit to get it to 720 before i buy a home?

The difference in your scores are not drastic, but the difference in rates will be dependant upon how much money you want to put down. FHA loans that only require 3.5% of the purchas price as a down payment would have not rate variation between 700-720. If you are going to do a veterans loan or a USDA loan if you are applicable then you your rates would not be affected by the score deviation. The only products that would be affected by this score difference would be a conventional loan (freddie mac or fannie mae) The difference in rates would not be substantial and it would be highly dependant upon your down payment amount. If you need further assistance please do not hesitate to call or email me! Have a great day!

Hello, Typically there is no difference between a customer who has a 700 credit score and a 720 credit score. Give us a call and we can help with any questions you may have!Mike303-596-0261

Hi. Hope you are well. With an FHA or other government style loan, there is usually no difference in rate with scores between 700 and 720. With a Conventional loan, you may see an 1/8% difference in rate or less of a lender credit toward your costs. Hope this helps. Patrick McCarthy, Stonegate Mortgage Corp, 614-310-7520 NMLS# 621925

hi there:Above information by the other members is correct. In my xperience on a FHA, rates/pricing tends to be more lenient than Conventional depending on loan to value (down payment amt), 720 plus scores there is an incentive for you as a borrower ..680 to 719 scores there's no hit adjustments (FHA)...Conventional is a bit different and pricing seems to be reflected more in score tiers, state, ltv, etc...hope this helps..Mike (703 505 5300). contact me to discuss....we also offer a no closing costs program.