Credit score vs. mortgage interest rate…?

Another house-buying question from me, here…

I was researching this, because I intend to buy a mortgage with a long term and fixed interest rate. My credit score is currently a 620, and my husband’s is a 650 (considered "fair", by what I’ve read). The ballpark I got for mortgage interest rates, at that level, was 7.0-7.5%. Does that seem realistic?

My credit is by no means bad, I have no late payments at all, nothing over limit (or even close to over-limit), and am using about 47% of my total credit limit. I haven’t purchased anything on a credit card in a long time, instead I’ve just been paying them off (more than the minimum payments, by far).

The only bad marks on my report are some hospital bills that were sent to collection agencies, which have been paid, but of course they still show up.

Does anyone with any experience care to comment on the credit score/interest rate arena?
To answer a question – yes, the collections do show up as "paid". But I believe they still remain on the report as a matter of record.

Mortgage bad credit no established employment?

ok I have been working with a temp service continuous for 6 months. at the same place. I make /hour. I have never really kept a job for a long time but I have a new baby on the way so I had to get my life together..

Ok back on track.. I make /hour credit score was 500 now 530 so its getting better. The only bad debt I have on my credit reports are verizon wirelss collections, and qwest collections total about 0. I do not have credit cards although I was thinking of getting a 00 secured card to help and keep it under 0. Ok and I want to buy a house in Arizona that cost ,000 and I have ,000 in cash saved up for a home.

So with that..

Credit Score 530, Short term employment /hour, and ,000 down.

What are the chances of getting a mortgage? And by the way I have never made enough to file taxes in the past.. errrr.. I know.. But I want to have a house for my family when my baby is born.. anyone have any advice or experiences, or info for me?

I have not had the house appraised or anything, but I am sure thats the appraised value.
well I paid the debt but its still a negative on my credit.

Can I get a mortgage with bad credit with the following circumstances.?

Here are my circumstances:

Transunion: 567, Esperian: 537, Equifax: 582

Annual income before taxes: 39,000, I have worked for a year

I own a home: 9 a month taxes included
I have had 8- 30 day late payments in 2 years

I have no other debt monthly, making my debt to income ratio 85/15 (I’m pretty sure)

I paid off my car, no late payments last two years.

I paid off my Providian credit card no late payments past 2 years

I have college loans in deferment until 2008, I’m currently working on my MBA

Now the bad news:

I have had 3 derogatory accounts, that I have just currently paid off, 2 were credit cards, one was a medical bill that never made it to collections I don’t think, so they haven’t been factored into my credit score yet as being settled.

I dont have any credit cards and all I pay a month is 9 on my house that I have owned for about 3-4 years.