417 Credit Score Mortgage

A hard money mortgage loan with a 417 Credit

With a 450 417 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.


417 credit score mortgage

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Private money lenders for credit score 350-499

Despite having a poor credit score of 417, 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 60.01% 60.11% 61.18% 50.08% 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 3.2 3.93 3.68 3.99 N/A
Rate 11.43% 12.32% 11.83% 13.52% 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

417 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 417 credit:

  • Legacy Group Capital, LLC
  • 400 112th Avenue North East, Suite 400, Bellevue, WA, 98004
  • "A Premier private lending company, we build healthy returns through real estate investing and lending opportunities. We partner with builders, real estate investors and homeowners to help them achieve their goals in real estate acquisition through a premier lending platform like no other."
  • McPherson Co-op Credit Union
  • 1999 South Main Street, McPherson, KS, 67460
  • McPherson Co-Op Credit Union has been a member-owned, not-for-profit financial institution. We have come a long way since the card table in the basement! The mission of MCCU is following the credit union philosophy of “People Helping People” by providing quality financial services to our members.
  • WSSC Federal Credit Union
  • 14501 Sweitzer Lane, Laurel, MD, 20707
  • WSSC Federal Credit Union (WSSC FCU) was chartered in April 1964 with an initial asset base of $2, 000. Since then, the Credit Union has grown to over $30 million in assets with over 4, 000 members. We serve WSSC Water employees, retirees, contractors, and their families; members and employees of Reid Temple AME and Kingdom Fellowship AME Churches.
  • Five Star Federal Credit Union
  • 716 Maiden Choice Lane, Suite 101, Baltimore, MD, 21228
  • Five Star of Maryland Federal Credit Union is a member-owned credit union whose purpose is to provide premier personal banking service. The credit union was established in 1969 as Saint Agnes Employees Federal Credit Union by Saint Agnes Hospital employees and currently serves approximately 7, 000 members.
  • Metco Credit Union
  • 115 8th Avenue SW, Cedar Rapids, IA, 52404
  • Metco Credit Union is a non-profit financial cooperative, owned, and operated by its members. Our purpose is to create pathways to financial success for our members by providing a full range of competitive services that respond to their changing needs. Metco Credit Union Established in 1957.
  • Empower Mortgage, LLC
  • 1218 Central Avenue, Suite 2, Albany, NY, 12205
  • We will treat you with the respect due an esteemed customer and give you the personal service you deserve. We understand the big commitment you are making in buying a home, refinancing a mortgage, or cashing out your home equity. So we make a commitment to you: we will help you qualify, apply and be approved for the ideal mortgage for you.
  • Rocky Mountain Law Enforcement Federal Credit
  • 992 Potomac Cir, Aurora, CO, 80011
  • Originally founded by the Denver Police Department, RMLEFCU has proudly served law enforcement professionals and their families since 1938. Over the years, we have grown to include a membership of more than 10,000 members and assets in excess of $145 million. RMLEFCU is regulated by the National Credit Union Administration (NCUA).
  • QS Private Lending
  • 83 Speen St, Natick, MA, 01760
  • QS Private Lending specializes in making short-term, hard money loans for the acquisition, construction and renovation of investor-owned real estate. We focus on properties in Massachusetts, Rhode Island, New Hampshire and Georgia. As one of the oldest and largest private, hard money lenders