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Conventional loans usually have a minimum credit score of 620, but borrowers with higher credit scores tend to nab better rates. ... The best mortgage lenders for low-credit score borrowers ...
The Federal Housing Administration (FHA) insures FHA loans, which allows mortgage lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or 500 with a 10 percent down payment.
Low-interest loans and specialized mortgages. ... deferred loans, and zero-interest loans. A credit score of 640 or higher is required, with a debt-to-income ratio of 50% or lower.
For instance, you may be able to get an FHA loan with a credit score as low as 500, but you’ll need to put 10 percent down. If you can get your score up to 580, you can get an FHA mortgage with ...
Lender. Credit requirements. Down payment minimum. Bankrate Score. PenFed Credit Union. 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...