490 credit score mortgage ? [New lenders? list 2026]

A hard money mortgage loan with a 490 Credit

With a 450 490 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.

Property Type

Property Location

Property Est Value

Loan Request

Compare 10 Lenders In Minutes

No Social security # is needed to find and compare the best matching loan programs from up to 10 lenders

Private money lenders for credit score 350-499

Despite having a poor credit score of 490, 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	60.21%	60.31%	61.5%	50.2%	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	3.16	3.89	3.64	3.95	N/A
Rate	11.39%	12.28%	11.79%	13.48%	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

Explore loan programs matrix based on other credit scores

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

490 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 490 credit:

(347) 755-2257 Lender's profile and map Reviews KLB Business Funding 3702 Pratt Avenue, Bronx, NY, 10466 KLB Business Funding is composed of a group of highly experienced and seasoned, certified, financial professionals. With our knowledge and expertise, we can usually find a solution for all your financing needs. Unlike a bank, or local lending institution, which only lend to the most credit-worthy businesses, KLB Business Funding,
(608) 271-5301 Lender's profile and map Reviews Members First Credit Union WI 3401 West Beltline Highway, Madison, WI, 53713 Members First Credit Union originally organized as the Sub-Zero Credit Union in May of 1954 with 13 employees as members. The credit union became chartered in 1955 with the following board members. Don Lien as President, Jack True as Vice-President, Gerald Ring as Secretary, Richard Hurd as Treasurer and William Jerisha as Director.
(402) 341-2121 Lender's profile and map Reviews Creighton Federal Credit Union 2575 Dodge Street, Omaha, NE, 68131 Creighton Federal Credit Union is a federally chartered credit union governed by the National Credit Union Administration (NCUA). It is a non-profit financial institution owned by its members. Creighton Federal has been providing full-service, retail banking to its member-owners since 1952.
(517) 592-3205 Lender's profile and map Reviews Bank Michigan 417 S. Main St., Brooklyn, MI, 49230 Bank Michigan originated in 1907 in Onsted, MI. We have since evolved from a one town, one location Bank to three locations, with our Founding Lenawee County office in Onsted, one location in Brooklyn, one in Ann Arbor, servicing customers primarily in these market areas. We are a Community Bank with a team who take the word very serious.
(507) 232-3488 Lender's profile and map Reviews ProGrowth Bank 703 3rd Street, Nicollet, MN, 56074 ProGowth Bank is more about people than products. It’s about you. ProGrowth Bank is here to build a lifelong relationship to support your financial success and help you achieve financial wellness in life. ProGrowth Bank provides resources and opportunities that business owners need… that you need.
(410) 633-8850 Lender's profile and map Reviews Members First of Maryland Federal Credit Union 1631 Merritt Boulevard, Baltimore, MD, 21222 In 1969, a group of workers from Bethlehem Steel organized a cooperative, non-profit Credit Union for employees in order to improve the financial well-being of themselves and their families. Since 1969 Members First has been providing low cost, quality financial services to its members.
602 524 2401 Lender's profile and map Reviews American Financial Lending, Inc. 20860 N. Tatum Blvd. # 160, Phoenix, AZ, 85050 At American Financial Lending, Inc., we treat each customer as an individual, not a number. We don't place you into a loan profile formula created by the banking industry. We use "common sense" and will help you obtain the best loan possible. We represent a wide range of "A" rated lenders with first quality rates to private "hardship" lenders.
(949) 353-6689 Lender's profile and map Reviews Val-Chris Investments, Inc. 2601 Main Street, Suite 400, IRVINE, CA, 92614 Val-Chris Investments, Inc. has been serving California since 1975, specializing in both residential and commercial loans, as well as real estate trust deed purchases. We are a private money lender providing 1st, 2nd, and 3rd trust deeds with loan amounts up to $4.000.000. We have lent over $1 trillion in our career.
(816) 325-6900 Lender's profile and map Reviews United Consumers Credit Union 1111 E 23rd Street, Independence, MO, 64050 Since 1941, United Consumers has been providing its members with an alternative to increasingly expensive banking services. The credit union is a not-for-profit financial institution owned by the members who join. Benefits of membership include lower rates on loans, higher rates on investments
(805) 501-0407 Lender's profile and map Reviews R & G Financial Services Inc. 2320 Tapo Street, Simi Valley, CA, 93063 At R&G Financial Services, our first priority is our relationship with you, the client. Our diverse staff not only reflects years of mortgage and financial experience, but the flexibility to accommodate a wide variety of challenges. We pride ourselves in recognizing and servicing every borrower's unique needs.
(260) 897-3361 Lender's profile and map Reviews Community State Bank (Avilla, IN) 802 E Albion St, Avilla, IN, 46710 Community State Bank came into existence in 1931 in the town of Avilla, Indiana. The organizers were mostly local merchants and farmers. Religious and civic leaders, recognizing the need for a local bank, entered into the movement. Community State Bank now has four locations in Avilla, Kendallville, Albion and Auburn.
(847) 808-2300 Lender's profile and map Reviews Cambridge Lending Group Inc 1020 Milwaukee Avenue, Suite 232, Deerfield, IL, 60015 Cambridge Lending Group has established itself as a trusted resource and respected mortgage leader in the Chicago’s North Shore community. we have helped thousands of clients find the optimal mortgage plan tailored to their needs, and provided successful solutions for those who have previously been turned down by other lenders.