Mortgages are available for almost all sorts of economies. Yes, there are lenders that also try to help those who have a low credit score. It is true that the conditions may not be so good. However, if there is no other option it is always a good idea to explore the different possibilities. According to Bankrate, these are the best choices. They will focus on the lowest credit score required, different loan programs, and help with the down payment.
The first lender to get a mortgage they provide you with is Cardinal Financial. Apparently, it is possible to get a loan with them all over the United States. They do not offer all sorts of loans, but there are four interesting options. For instance, they have USDA, VA, FHA, and Conventional loans. The lowest credit score they ask for is 580 for VA loans. In second place we find 620 for conventional ones.
Its down payment is 3% for conventional, VA does not have it. You can contact them online or face to face. The good thing about it is that they mainly work with houses people can afford. They try to help homebuyers when it is their first house and with down payment help too. The second option is Cherry Creek Mortgage. Unlike the previous one, it is not available all over the states. Most of them have it though since there are up to 43 states that have it.
Where is Cherry Creek Mortgage not available in the USA?
In fact, it is not available in Vermont, Washington DC, Alaska, Hawaii, Rhode Island, Massachusetts, Virginia, and New York. The kinds of loans it has for borrowers are four. They work with Jumbo, FHA, Conventional, USDA, and VA. So they have one more mortgage if we compare it to the previous lender. Three of them have the same requirement for credit scores.
They are FHA, VA, and conventional since they just need 620. USDA is a bit higher, 640. As you may have guessed Jumbo soars to 700. Down payment reaches 3% for conventional and 3.5% for FHA. There is none for USDA loans though. The last mortgage lender to review is the eClick. Unfortunately, it is not available in all states. You can have access to them in only 49t states. They also have five types of mortgages. USDA, VA, FHA, jumbo and conventional.
As for the lowest credit score, they offer 620 for those loans that are conventional. If you would like to take out a VA or USDA mortgage there is no down payment. However, the down payment reaches 3% in conventional loans and 3.5 in FHA loans. They claim they can close it in as little time as 2 weeks. So this is something to take into account if you need to sort things out quickly.