What is a bad credit score for a mortgage?

A bad credit score for a mortgage is one that doesn’t allow you to get a loan, only lets you get a more expensive loan or requires a larger down payment in order to qualify for a loan. What’s considered “bad” depends on the type of loan you’re applying for: conventional, FHA, VA or USDA.

Can you get a mortgage with bad credit?

As credit scores decline, the difference in interest rates and payments grows. The obvious way to get a mortgage with bad credit is to improve your score. You may be surprised at how quickly you can make a material difference. There are other ways to qualify for a mortgage with bad credit, too. Pay down as much existing debt as you can.

Can a bad credit mortgage lender help if my FICO score is bad?

Bad credit mortgage lenders can help even if your FICO score isn’t as good as you’d like. In fact, some of the very best lenders out there are willing to work with borrowers who have credit scores near or below 600. Of course, not everyone will qualify. And your rate will be higher than that of a “prime” mortgage borrower.