Best Mortgage Lenders For 550 Credit Score
Best Mortgage Lenders For 550 Credit Score
Securing a mortgage with a credit score of 550 can be challenging, but it's not impossible. Several specialized lenders cater to individuals with less-than-perfect credit, offering various loan options tailored to their unique financial situations. These lenders understand that credit scores are not always indicative of a person's ability to repay a loan and consider other factors such as income, employment history, and assets.
Best Mortgage Lenders For 550 Credit Score
If you have a credit score of 550, you may be wondering if you can still get a mortgage. The good news is that there are a number of lenders who offer mortgages to borrowers with less-than-perfect credit. However, you will likely need to pay a higher interest rate and make a larger down payment than someone with a higher credit score. Here are some of the best mortgage lenders for 550 credit score:
Quicken Loans
Quicken Loans is one of the largest mortgage lenders in the United States, and they offer a variety of mortgage products for borrowers with all types of credit scores. Quicken Loans offers a conventional mortgage program for borrowers with a credit score of 550 or higher. The minimum down payment for this program is 3%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores. Quicken Loans also offers an FHA loan program for borrowers with a credit score of 500 or higher. The minimum down payment for an FHA loan is 3.5%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores.
Rocket Mortgage
Rocket Mortgage is an online mortgage lender that offers a variety of mortgage products for borrowers with all types of credit scores. Rocket Mortgage offers a conventional mortgage program for borrowers with a credit score of 580 or higher. The minimum down payment for this program is 3%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores. Rocket Mortgage also offers an FHA loan program for borrowers with a credit score of 500 or higher. The minimum down payment for an FHA loan is 3.5%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores.
LendingTree
LendingTree is an online marketplace that connects borrowers with lenders. LendingTree offers a variety of mortgage products for borrowers with all types of credit scores. LendingTree offers a conventional mortgage program for borrowers with a credit score of 550 or higher. The minimum down payment for this program is 3%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores. LendingTree also offers an FHA loan program for borrowers with a credit score of 500 or higher. The minimum down payment for an FHA loan is 3.5%, and the interest rate will be higher than the rates offered to borrowers with higher credit scores.
