400 Credit Score Mortgage

A hard money mortgage loan with a 400 Credit

With a 450 400 credit score, your only option for a mortgage is through private money investors, aka hard money lenders. Other types of loans are entirely off limits regardless of your income, cash in the bank, or low LTV. You will need to raise your credit score to at least 500 and preferably 580 to become eligible to obtain a HUD FHA loan, or a subprime loan.

To find out the requirements for an FHA loan, explore https://www.hud.gov/program_offices/housing or enter your data here into our FHA loan eligibility calculator and alternative options.


400 credit score mortgage

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Private money lenders for credit score 350-499

Despite having a poor credit score of 400, private investors through hard money brokers will lend you money to purchase a new property or refinance the existing property as long as you have a large down payment or enough equity in the property.

Owner-Occupied Residential Hard Money Owner-Occupied Residential Commercial Vacant Land Conventional FHA, VA, USDA, Non-Qm
Max Loan to Value 59.96% 60.06% 61.1% 50.05% N/A
Programs Hard Money Hard Money Hard Money Hard Money N/A
Vesting Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC N/A
Tax Returns Bank statements or other documents showing ATR Alt documents or equity-only loans Alt documents or equity-only loans Alt documents or equity-only loans N/A
Points 3.21 3.94 3.69 4 N/A
Rate 11.44% 12.33% 11.84% 13.53% N/A
Loan terms 1—5 years 1—5 years 1-7 years 1-3 years N/A
Property Condition Any Any include Fixer-Upper Any Unentitled land- reduce LTV to 26.23 N/A

The Rates & Terms depend on the Loan-to-Value, credit, property location, condition, and local real estate market condition. Unlike the FHA loan, which has standard underwriting, private money loan programs differ significantly between lenders. It behooves you to contact and get quotes from at least three lenders before you make a decision. See a list of potential hard money lenders or use the Lendersa form to shop for your loan simultaneously with hundreds of private money lenders.

How mortgage brokers rip you off

400 is a low score; unfortunately, a small percentage of mortgage brokers could take advantage of your credit disadvantage by trying to charge you an arm and a leg. Therefore, it would be best if you compared 3-10 lenders' programs before deciding on the best lender, thus avoiding mortgage brokers' rip-offs and loan sharks.

Improve your credit score for mortgage

Credit scores of 625 or above will open the door for more loan programs and better rates & terms. If you are not rushing to refinance or purchase a property, consider raising your credit score before attempting a loan review. Check our recommended resources to improve your credit at the bottom of the page Improving your credit score will enhance your chances for better loans. Understanding how credit scores work is the first step to raising your credit.

Here are a few links to resources that could raise your credit score: https://www.usa.gov/credit-reports https://www.fanniemae.com/crediteducation https://myhome.freddiemac.com/refinancing


List of lenders who consider lending to borrowers with 400 credit:

  • Generation Mortgage
  • 8801 70th Way, Pinellas Park, FL, 33782
  • Generation Mortgage Associates LLC's headquarters is located in Pinellas Park, Florida. Generation Mortgage Associates LLC generates $363.5K in revenue per employee Generation Mortgage Associates LLC's main competitors are First Integrity, Yourmortgageshop and Fast Direct Lending
  • Success Group Mortgage and Servicing LLC
  • 23380 Goddard Road, Taylor, MI, 48180
  • SGMS is a Mortgage and Land Contract Services Company that is focused on your success. Our mortgage services team has over 25 years of experience in origination of all sizes of loans and refinance loans. Lead by James Woodworth, SGMS Mortgage provides one-on-one service with a personal touch.
  • Key Home Mortgage, LLC
  • 15303 South Flamingo Drive, Lakeway, TX, 78734
  • We are a full-service mortgage company based in Lakeway, TX. We specialize in VA Loans, FHA Loans, First Time Buyers in Lakeway. We also serve the Colorado & Florida. Whether you are buying a home or refinancing in the zip code 78734, we can help you realize your dream of homeownership or save you money when getting your new lower monthly payment.
  • F-M Mortgage Corporation
  • 801 10th Street South, Suite 100, Fargo, ND, 58103
  • F-M Mortgage was founded in May of 1992 by Marles Hass and Larry Reiser. F-M Mortgage's home office is located at 801 10th Street South, in downtown Fargo, ND. Our Bismarck office is located downtown, in the Logan's on Third building, at 120 3rd Street North. We are the EXPERIENCED EXPERTS in the Mortgage Market in North Dakota and Minnesota.
  • Mosaic Mortgage Group
  • 2315 S Bascom Ave, Suite 300A, Campbell, CA, 95008
  • We provide World-Class service and mortgage planning know-how for you and your family, for life. When it comes to mortgage financing, one size does not fit all. In fact, there are far too many rules and guidelines involved so that for us, the only way to find you the best loan is to start at the beginning.
  • Woodlands Bank
  • 2450 East Third Street, Williamsport, PA, 17701
  • In 1989, a small group of entrepreneurs decided to establish a new community bank in Lycoming County. Many of the existing banks had merged and had grown to a size where personalized service had become only a slogan. These entrepreneurs saw, firsthand, the deteriorating service level of many of the banks in the area.
  • Home Loan Investment Bank
  • 1 Home Loan Plaza, Warwick, RI, 02886
  • Home Loan Investment Bank is a Federally Regulated Savings Bank that has been assisting homeowners for over 35 years. Since 1971 we have helped over 75, 000 people refinance their homes, consolidate their debt, purchase new homes and take cash out for life expenses. We take pride in our ethical business conduct, superior customer service.
  • SUMA Federal Credit Union
  • 125 Corporate Boulevard, Yonkers, NY, 10701
  • SUMA (Yonkers) Federal Credit Union is a full service member owned financial institution with assets in excess of $400, 000, 000 and over 7, 000 members. We have been serving our members in Yonkers, NY, Spring Valley, NY, Stamford, CT, New Haven, CT and vicinities for over 55 years.
  • First Florida Credit Union
  • PO Box 43310, Jacksonville, FL, 32203
  • First Florida Credit Union is headquartered in Jacksonville and operates 17 branches throughout the state, serving more than 55, 000 members. The organization's guiding mission is to support its members' financial aspirations by providing affordable financial products and services with outstanding member service.
  • Coastal Lending Services Inc
  • 3624 South Atlantic Avenue, Daytona Beach, FL, 32118
  • At Coastal Lending Services, Inc., our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first. Take advantage of our expertise in the residential lending industry by applying online today. You will find that the skill, professionalism,
  • Bluebird Lending
  • 1845 Walnut Street, Ste 910, Philadelphia, PA, 19103
  • Bluebird Lending creates opportunities for real estate investors to improve their communities by providing fast, flexible and fair lending solutions to grow their business. Bluebird understands the unique challenges real estate investors face and is equipped to work closely with our customers to produce successful results.
  • Val-Chris Investments, Inc.
  • 2601 Main Street, Suite 400, Irvine, CA, 92614
  • Specializing in both residential and commercial loans for borrowers and brokers, as well as trust deed purchases to the investor community. Our tremendous access to lenders allows us to make certain our borrowers get the best loans possible many repeat customers attest to this unique benefit, and to our integrity and dedication.