What about interest rate?

Do not listen to anyone telling you they can get you a specific rate based on a specific score, especially when the score is below 640. The fact is, it often depends on what it is making your score so low...collections are certainly an issue but high balances on credit cards and any late mortgage payments are a bigger issue. I've seen credit scores in the 640-660 range that I could not even get approved because of those issues so don't listen to that nonsense..some people will just tell you what you want to hear so they can get you invested into the process and then drop a higher rate on you telling you this is your only option hoping you will just commit to it. Go to more than one mortgage broker and shop around.

You can get an FHA loan with an interest rate of about 3.25%

No competent loan officer would ever disclose an interest rate without seeing the complete profile.. There are so many things that can change that's it's impossible to zero in.. Besides, new laws make it illegal for a LO to disclose an interest rate without disclosing the APR as well.. If you want to know what the rates are, you can go to Google finance or yahoo finance, and see the average rates.. When it comes to FHA financing, there is not much difference between a 780 borrower and a 640 borrower.. So it won't be far off... and based on your previous questions, you're a couple of years away from getting in a position to obtain financing, and who knows what the rates will be then.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

first, i need to know , if are you VA ? what down payment? what size of a loan? where did you get your score? the free ones on the internet are ususally not correct... linda yourloanpartnerforlife@live.com

with a 600 score your only option is FHA with mortgage insurance. But rates on a 30 year fix FHA is about 3.375% with no fees. if you can get your score to 620 you can go conventional with no mortgage insurance.