Your credit score is not bad at all. I'm a lender for iServe Residential Lending and I am definitely willing to help! Our company can get you a loan with credit as low as 560. Please use the information on my profile page to contact me if you would like to get a loan!
Hope this helps and good luck!
You don't have to look much further than this chart, which shows what kind of interest rates you could get - based on your credit score. The data is pulled by myFICO, a division of the Fair Isaac Corporation, with interest rates as of November 13, 2012.
FICO Score APR
760-850 2.926 percent
700-759 3.148 percent
680-699 3.325 percent
660-679 3.539 percent
640-659 3.969 percent
620-639 4.515 percent
As you can see, a good credit score can definitely work in your favor. However, Long warns that boosting your score is a long term proposition, so it may take awhile before you can reap the benefits of an improved score. "It's not just going to go up overnight, so by the time you've raised your credit score, the low rate you want may no longer exist."
Long recommends checking with your lender to find out what kind of score is necessary to qualify for the loans and rates you want - then figure out if the effort will be worth it.
That is actually much higher than the lowest scores allowed! Congratulations for having a credit score in the 700's!
There are several lenders in the area that have proven their competence and would be a very huge asset for you in your home buying experience. I have a word document with their contact information that I update every year and would be happy to email it over to you if you would like.
Also, I want to commend you for being on top of getting your lending questions answered prior to house hunting. It is a very wise thing to know exactly what type of loan and for how much you can qualify for prior to getting your heart set on a house you may not be able to afford.
Managing Broker with Neuhaus Real Estate, Inc.