if my credit score is 640 what kind of interest rate would i qualify for a home mortgage

Hey Wanda, that would depend on multiple different factors, such as loan program, down payment, etc. To give you a general idea, the national averages for top-tier buyers will range around 3.75% for Government loans (FHA, VA, USDA) and around 4.25% for Conventional loans as of today. A 640 FICO score will be close to these numbers, although the pricing (cost for a particular rate) may be a little higher. For instance, if the rates above are at PAR (or no cost to the buyer) then they may cost someone with a 640 FICO a 0.25 point (or 0.0025%) of the loan amount as an additional cost, which is usually tax deductible. Feel free to reach out to me through my profile if you're interested in getting qualified to purchase.

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Your actual interest rate varies on many factors. Loan program, and credit score are the big ones, as is what you pay in closing costs. For example, I can give someone a lower rate, but you pay more in closing costs. I can give someone really low closing costs, but you'll get a much higher interest rate. I suggest talking with a local mortgage broker in your area for a better look at your personal situation. For loans in WI, MN, and SD, visit me at www.WI-MortgageBroker.com

What kind of loan are you looking to qualify for? Purchase price? Term?Josh LundGold Star Mortgage - Branch Manager