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.

How can I get refinanced with a bad credit score?

I have been facing foreclosure since March. I have been getting 30 day late marks on my credit since Dec. and now I am getting 60 day late hits. I have talked to my mortgage company and they have set me up with a loan adjustment program, but while I am doing this it is still giving me 60 day late hits on my credit. I’ve tried to refinance thru another company because, apparently, my mortgage company doesn’t refinance but I’m being turned down because of my 527 credit score and my late payments with my mortgage. I haven’t made any late payments since March when they started the loan adjustment, but I am still delinquent 2 house payments. Is there any company out there that can help me refinance? How can I fix my credit score if I can’t get out of being delinquent 2 payments? Or any other advise is appreciated.

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.

How bad can the late mortgage payments hurt my credit score?

I’m one month behind of my two mortgage payments (one for my own house, and the other one for the investment property). I am planning to catch up all the late payments in the end of next month since I need the money for some important thing right now. How bad can this hurt my credit score?