There are not a lot of mortgage lenders that offer home loans to borrowers with credit scores below 580. Fortunately, there are some non-prime mortgage lenders that specialize in helping people with bad credit. This includes options for people with credit scores between 500-579 (or even below 500).
Mortgage Lenders for 500-579 Credit Scores
Below are 8 of the top bad credit mortgage lenders that offer programs to borrowers with credit scores between 500-579. These lenders offer what are known as “non-prime loans“.
These lenders have guidelines that are constantly changing. Just contact us here and we will match you with the lender that perfectly fits your needs.
4.) Athas Capital
6.) A&D Mortgage
7.) ACC Mortgage
These are 8 of the best mortgage lenders that offer non-prime loans to borrowers with credit scores as low as 500. Some of these lenders also do not require any waiting periods after a bankruptcy, foreclosure, or short sale. This means that you that may be able to get a mortgage immediately after such events.
If you would like some assistance finding a lender, we can help match you with a lender in your location.
FHA Loans for 500-579 Credit Scores
Can you get an FHA loan with a 500 credit score?
Most FHA lenders require that you have a credit score of 580 or higher in order to get an FHA loan. However, there are some FHA lenders that will work with borrowers with credit scores between 500-579. If you would like to see if you qualify for an FHA loan, we can match you with an FHA lender. To have an FHA lender contact you, fill out this form.
Keep in mind, if your credit score is below 580, you will be required to put 10% down for an FHA loan. If your credit is above 580, you may qualify for a 3.5% down payment.
500 Credit Score VA Mortgage Lenders
The VA guidelines do not have a credit score minimum which means you can buy a house with a 500 credit score using a VA loan. However, most lenders are not accepting credit scores below 600.
The good news is we do work with a few lenders who are willing and able to help if your scores are 500 or more. They will work with you to fit any potential credit issues or disputes, but the score itself will not prevent you from buying a home with a VA loan. Just contact us and we will help you to get pre-approved.
Wells Fargo 500 Credit Score Home Loan
In the past, we have seen advertisements for the Wells Fargo 500 credit score home loan. We recently spoke with one of their loan consultants to ask if they can help consumers with credit scores down to 500. The response we received was there are no programs that Wells Fargo is offering that will allow for credit scores down to 500. As a result, Wells Fargo is not going to be an option for you with credit scores in the low 500’s.
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