574 Credit Score Mortgage

Options for getting a mortgage loan with 574 Credit score

With 574 credit score, you have several options for a mortgage. Purchase or refinance through FHA or financing by private money lenders, aka hard money lenders. To obtain a HUD FHA loan, you must have at least 10% down and compensating factors such as low DTI (Debt to Income ratio), stable income, and reserves.

FHA, Fannie-Freddie, VA, USDA and Subprime, Non-QM loans

With poor credit of 574 you are not eligible for Conventional (Fannie- Freddie) loans, Va, or USDA. To find out if you are qualified for an FHA loan, explore https://www.hud.gov/program_offices/housing . You may be able to get a Subprime loan with LTV under 65%. Find out wht loan you qualify for with our FHA /Subprime eligibility calculator If your credit score is 580 or higher, you may need only a 3.5% down payment.


574 credit score mortgage

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Private money lenders for credit score 574

Despite having a low credit score, Private investors will refinance your mortgage as long as you have enough equity in the property or you put in a large down payment.

Owner-Occupied Residential FHA Owner-Occupied Residential Hard Money Non-Owner-Occupied Residential Commercial Vacant Land
Max Loan to Value 90$ 62.01$ 62.11$ 64.38% 51.28%
Programs FHA Hard Money Hard Money Hard Money Hard Money
Vesting Natural name Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC
Tax Returns 2 years tax- Must documents showing ATR Alt documents or equity-only loans Alt documents or equity-only loans Alt documents or equity-only loans
Points 2.55 2.8 3.53 3.28 3.59
Rate 7.06% 11.03% 11.92% 11.43% 13.12%
Loan terms 30 years or 15 years 1—5 years 1—5 years 1-7 years 1-3 years
Property Condition Good condition Any Any include Fixer-Upper Any Unentitled land reduce LTV to 29.23

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

574 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 574 credit:

  • Desert Capitol Services, LLC
  • 34406 N. 27th Dr, Suite 140, Phoenix, AZ, 85085
  • Our mission is to serve our customers with honesty, integrity and competence. Our goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs possible. Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan.
  • Pyramax Bank
  • 7001 W. Edgerton Ave, Greenfield, WI, 53220
  • PyraMax Bank is a publicly held community bank headquartered in Greenfield, Wisconsin and also has offices in Franklin, Grafton, Greenfield, Mukwonago, South Milwaukee, and Waukesha. Whether you're looking for a Home Loan, Home Equity Line or Loan, Business Loan, Free Checking, Mobile Banking,
  • HH Mortgage LLC
  • 1072 King Street, Suite D-1, Charleston, SC, 29403
  • Our mission is to earn your business by professional marketing, concern for your best interest, and assisting you in understanding and completing the real estate process. Whether you are buying or selling you can count on HH Real Estate and Mortgage to give you a very conscientious market analysis. You can expect constant communication
  • KP Realty & Investments, Inc
  • 18021 Norwalk Boulevard, Suite 206, Artesia, CA, 90701
  • For Sellers, I will design the perfect marketing strategy to meet your financial and schedule goals. For Buyers, we will meet and discuss your vision of the perfect dream home for you that meets your budget. Once we know what you are looking for we then discuss the ‘where’ aspect of the search.
  • Legends Bank
  • 310 N. First St, Clarksville, TN, 37040
  • Legends Bank was founded in 1998 in Clarksville, Tennessee. Today, our footprint has grown, allowing us to serve two of the five largest cities in the state and four Tennessee counties; Montgomery County, Williamson County and Davidson County. Legends is a community bank that’s bolstered by an extraordinary team made up of experienced lenders
  • Synergy Lending Corporation
  • 3575 Guildhall Trail, Marietta, GA, 30066
  • Our mission is to serve our customers with honesty, integrity and competence. Our goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs possible. Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan.
  • MPS Credit Union
  • 2190 NW 72 Avenue, Miami, FL, 33156
  • MPS Credit Union was created in 1928 when a small group of postal workers got together and opened the credit union doors for business. In January 1930 the credit union was chartered under the state charter as Miami Postal Service Credit Union. At MPS Credit Union, each voice is heard since it is our job to see that we are offering.
  • PMI
  • 520 Capitol Mall, Suite 780, Sacramento, CA, 95814
  • Professional Mortgage Associates (PMA) is a California Mortgage Corporation licensed by the California Department of Real Estate and endorsed by the NMLS as a Mortgage Loan Originator. PMA's corporate administrative staff have a combined history of over 60 years in the mortgage and real estate industry.