We report the correlation between the magnetic properties and lattice parameter of $Fe_xCo_{100-x}$ alloys as a function of constituent concentration. The saturation magnetization increases with Fe content and has a maximum value at approximately x=70 at.%. However, collapse in relative saturation magnetization is observed at approximately 30 at.% to 70 at.% of Fe in $Fe_xCo_{100-x}$ alloys. The collapse is due to the formation of Co-Co and Fe-Fe antibonding states instead of Fe-Co bonds. The lattice parameter also shrinks at approximately 30 at.% to 70 at.% of Fe. This shrinkage is due to an increase in the number of nearest neighbor antisite atoms, which then leads to a decrease in the long range order parameter.