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1. This is the only rate you qualify for
If you are going for a FHA or conventional loan, there are a series of rates you qualify for. For FHA, as long as your credit score is above a 620, then the rates will not change based on your credit score. To keep it simple, a 620 and a 720 is the same in a FHA loan. So in a FHA loan, the lowest rate you qualify for may be a 4.0% while the highest may be a 6.0%. However, in a conventional loan, your credit score will dictate what series of rates you qualify for. The lower your credit score, the higher the rate. The higher the credit score, the lower the rate. Just like FHA, conventional may qualify you for a series of rates between 3.0% and 5.0%. So what dictates which rate you get? Read #2.
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