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If I recall correctly, you need a FICO score of at least 720 to qualify for the better interest rates (all the best programs except for a couple of the best rates for specialized situations). So, basically, you are likely to qualify for just about any advertised mortgage, as long as you meet income requirements and don't have too large existing debt payments that won't be paid off when you buy the new home.

Sub-prime 80/20 deals down to 580
Conventional VHA/FA financing at just 600
Better rates start at 640 -- basically out of the sub-prime world for just about any financing scenario
680 -- rates get even better
720 -- rates get even better
740 -- slight improvement for more exotic mortgage strategies or JUMBO scenario

So you are correct about the difference between 720 and 786 not being all the big.
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