What kind of loan and interest rate can i qualify for with a credit score of 622 in Virginia?

You could go FHA. Probably around a 3.875%. Give me a call and let me know the details, I can give you a free quote. Melissa Evans540-907-9900melissa@bayfiledhomeloans.comhttps://www.facebook.com/melissa.evans.homeloans

Principle and Interest payment on this would be over $2,000 a month (not including property taxes, home owners insurance and mortgage insurance if required). Your income before taxes is under $4,600 per month. The principle and interest on this loan would represent over 43% of your pre-tax income. How would you be able to make the payment? And this isn't even taking into consideration your credit score. The best thing to do is sit down with a loan officer and go over the following two items: (1) Why is your score 622, what do you need to do to raise it and are you mortgage ready? (2) What is a reasonable payment for you to be able to afford in your budget and what payment is reasonable to be qualified. Good Luck -

Good afternoon Jeremy.........you may be able to choose between the FHA or Conventional programs unless you are VA eligible which requires no money down up to $417,000. Before any rate could be offered, a licensed Loan Officer should pull your credit and obtain your actual income documents to make certain they are offering you the best program available. I am a Senior Mortgage Banker and offer programs down to 600 middle credit score. My office is located in Va. Beach and I would be honored to help you......which can start with a 5 minute phone conversation.....call me at 757-233-1180 or my personal cell any time 757-343-5046. Best of luck!

Depending on the total amount of downpayment, he most likely loan options will be FHA or VA - and VA would have a much lower payment than FHA. If $55,000 is your GROSS income (before taxes) - which is what is used to qualify you - getting approved for a conventional loan for that amount would be a challenge at best if your housing payment alone would be over 40% of your income. I'll be happy to look at options for you - pdumouchel@primelending.com or 843-619-6025.

See budget limitations shared by other members of this forum.

Jeremy......have a Licensed Loan Officer who is experienced with credit help you....if you don't know what you're doing you can hurt your credit rather than help it. We help with credit repair at no cost to you.........

Jeanette is absolutely correct, be careful about what advice you take in trying to improve your credit score - you can make it worse if you take the wrong steps. In general, pay off any new collections/charge offs from reported within the past 12 months; pay down any credit cards where you owe more than 30% of the limit on them (DON'T close them!); don't open any new accounts unless a very knowledgable mortgage lender tells you to. Disputed accounts may need to be either resolved OR the dispute removed before you can get approval for a mortgage. My guess is that you will need to reduce the loan amount you want, your payment on $400,000 including taxes and insurance (and possible flood insurance) could easily be $2300-2500/mo or more which will be difficult to get approved - even FHA.

depends on your loan type. FHA and VA are low 4's and Conventional mid to upper 4's. Call me (757 ) 685 3913.Thanks!Brad ShoemakerSenior Loan Officer