450 Credit Score Mortgage

A hard money mortgage loan with a 450 Credit

With a 450 450 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.


450 credit score mortgage

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Private money lenders for credit score 350-499

Despite having a poor credit score of 450, 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 60.06% 60.16% 61.26% 50.11% 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 3.19 3.92 3.67 3.98 N/A
Rate 11.42% 12.31% 11.82% 13.51% 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

450 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 450 credit:

  • Community Banks of Shelby County
  • 126 North Grand Ave, Cowden, IL, 62422
  • At Community Banks of Shelby County, our industry leading consumer and business credit card products offer competitive pricing combined with a full range of reward options - making it easy to select and apply for the card that meets your needs. At COMMUNITY BANKS OF SHELBY COUNTY our Focus is You.
  • Pilot Mortgage, LLC
  • 727 W Ray Road B7, Gilbert, AZ, 85233
  • Pilot Mortgage Founder and Leading Mortgage Broker in Gilbert, Arizona explains how Pilot Mortgage is changing the consumer experience and expectations when it comes to mortgage lending. Gordon Goosen has been originating mortgages for 20+ years, since 1993. Assisting home owners achieve their financial goals through mortgage planning.
  • All California Mortgage
  • 1101 Fifth Avenue, Suite 220, San Rafael, CA, 94901
  • "SINCE 1992, ALL CALIFORNIA MORTGAGE HAS PROVIDED QUALITY SERVICE IN EVERY AREA OF MORTGAGE LENDING. From purchase to refinance to construction and commercial lending, we have access to a full range of mortgage sources. Our lending specialists are dedicated to finding you a loan-with great rates, terms and costs to meet your unique needs."
  • All American Home Mortgage LLC
  • 8915 South Pecos, Suite 17B, Henderson, NV, 89074
  • All American Home Mortgage is a premiere mortgage broker located in Henderson, Nevada. We are proud to offer some of the lowest rates nationwide and make the loan process simple, straightforward and fast for borrowers seeking a mortgage in Nevada, California, Florida, Colorado, or Nebraska. Whether you are a first time home buyer, purchasing.
  • Cornerstone Community CU
  • 242 Hope St, Stamford, CT, 06906
  • CSCCU has been helping members meet their financial needs. CSCCU offers a large variety of Share/Savings Accounts and Loan Products. Our convenient services, such as Bill Payer, Direct Deposit, Online Mortgage Approval, Automated Teller Machines, Payroll Deduction, Voice Line, Loan By Phone and Personal Computer Banking make it easy to use.
  • Certified Federal Credit Union
  • 4455 Arden Drive, El Monte, CA, 91731
  • In 1949, Certified Federal Credit Union was founded in the City of Commerce, California, to serve the companies and employees affiliated with Certified Grocers. Five years later, just up the road in Arcadia, California, Vons Employees Federal Credit Union was founded to serve the employees of the Vons Grocery Company.
  • First Northern Bank & Trust
  • PO Box 217, Palmerton, PA, 18071
  • First Northern Bank & Trust Co, originally founded in 1907 as First National Bank of Palmerton, is the sole-subsidiary of Palm Bancorp, ( a unitary bank holding company). We are now a Fed-Member, State chartered bank with11 branches in four counties across Northeast Pennsylvania, including Monroe, Carbon, Lehigh and Northampton.
  • The Exchange Bank of Alabama
  • 230 N 3rd St, Gadsden, AL, 35901
  • Exchange Bank proudly serves as Etowah County’s community bank. Since 1909 we have been an active growing part of this community, committed to meeting the needs of the people. This commitment is as strong today as it was over a century ago when we opened our doors as First State Bank of Altoona.
  • Huron Community Bank
  • 301 North Newman Street, East Tawas, MI, 48730
  • Huron Community Bank first opened its doors in 1927 under the name Peoples State Bank. The banks first location and legacy began on the corner of Newman and State Street in East Tawas, MI. That branch was located directly across the street from what is currently known as the banks' headquarters.