Is it possible to get financed for a home loan with poor credit?

credit score of 592

Asked by Lauren

2 Answers

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Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Lauren:

In fact, yes it is possible though I am sure you realize that the financing may not be under the best terms. Your financing may require a larger down payment, a higher interest rate, or other features to mitigate the risk of your credit status. First, there are lenders who specialize in what is generally called "sub-prime credit". Then there are lenders who offer FHA loans that will go down to a credit score of 580 (possibly lower but I do not know of any). Lastly, there are also lenders who specialize in providing you with a mortgage loan under your current credit, work with you on credit repair, and then turn you over to a "prime" lender where you can refinance under better terms.

I hope this helps. | 07.10.14 @ 18:42
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:20
Answered by Ted Erickson, Mortgage Broker in Novato, CA
Hi Lauren,

Clear Lending/PRMI provide FHA loans down to 500 fico scores. | 07.10.14 @ 19:13
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:20
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