Mortgages for People with Bad Credit

Long gone are the days of people being able to obtain 100% mortgage financing with credit scores below 580. It is hard to believe that not long ago, lenders where jumping at the chance to offer no money down mortgages to people with poor credit or even no credit histories. Today, borrowers will be hard pressed to find a lender, broker, or bank out there that will lend to someone with a credit score below 620 (although some may exist). The rates displayed at the top of this page are for people with excellent credit and will not apply to borrowers with bad or poor credit scores. Many of the mortgage companies represented in the survey likely do offer FHA loans and VA loans which may provide slightly less strict lending guidelines when compare with Fannie Mae and Freddie Mac products. Some may even offer USDA rural housing loans which can be a good fit for people with less than perfect credit and moderate incomes in rural areas of the country. You will need to reach out to the companies individually to determine what options are currently available.

Poor Credit Home Loan Lenders

People with very bad credit may find themselves out of luck and will need to bring up their scores to find financing options. There may still be hope for people with lower scores (below 620) with companies such as American Financial Resources. They are a national mortgage lender that will consider borrowers with scores down to 600 (subject to change, contact them for up-to-date-guidelines). AFR's low credit mortgage product is an FHA loan program. We are unaware of any other lenders out there (offering Fannie & Freddie products and FHA loans) that will lend to people with sub 620 scores although they likely do exist. Sorry we could not have been of more help but bad credit home loans are much more difficult to track down in today's marketplace.

If you are a mortgage lender or broker that offers poor credit mortgage loans and would like to be featured on this page, please call BurlingtonMortgage.biz at 910-547-6910 for listing details.