Asked by Lauren  |  Submitted July 09, 2014

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

credit score of 592

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  2

July 10, 2014

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.

$commenter.renderDisplayableName() | 09.22.19 @ 18:09

{comment}

July 10, 2014

Hi Lauren,

Clear Lending/PRMI provide FHA loans down to 500 fico scores.

$commenter.renderDisplayableName() | 09.22.19 @ 18:09

{comment}