596 Credit Score Mortgage

Options for getting a mortgage loan with 596 Credit score

With 596 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 3.5% down and compensating factors such as low DTI (Debt to Income ratio), stable income, and reserves.

FHA, Fannie-Freddie, VA, USDA, and Non-QM (Subprime)

At a low credit score of 596 You should try to increase your credit to 625, which will open the door for Conventional (Fannie- Freddie) loans, Va, or USDA. Your best bet is an FHA loan, explore https://www.hud.gov/program_offices/housing, and you may qualify for a Non-QM loan. Subprime lenders offer Non-Qm loan programs that allow you to qualify without showing tax returns may consider arranging a loan if the LTV is under 70%. Enter your data here into our FHA/Subprime loan eligibility calculator to explore all your options.


596 credit score mortgage

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 596

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 90.00% 64.51$ 64.61$ 65.31% 51.8%
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 1.9 2.61 3.34 3.09 3.4
Rate 6.82% 10.84% 11.73% 11.24% 12.93%
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

596 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 better mortgage!

You are close to 625 crdit score with the opprutnity to 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 596 credit:

  • Paradigm Mortgage Services
  • 7200 Wisconsin Avenue, Suite 500, Bethesda, MD, 20814
  • Paradigm Mortgage Services, Inc. is an independent mortgage brokerage firm in Bethesda, Maryland. NMLS ID # 205094 (www.nmlsconsumeraccess.org) Founded in 1991, We are celebrating 29 years of service this year, making our company one of Maryland's most experienced and trusted mortgage experts
  • Premier Pacific Partners
  • 11559 Ventura Boulevard, Studio City, CA, 91604
  • Premier Pacific Partner’s genesis was driven by the belief that there was an underserved Non-Prime market. Founded in 2008 with nearly 50 years of experience in all facets of real estate lending, the market was in need of a lender who understood the complexity of serving borrowers deserving of credit but did not fit the conventional lending box.
  • Rock East Funding
  • 670 Long Beach Blvd, Long Beach, NY, 11558
  • Rock East Lending is a veteran hard money lender for experienced real estate investors. We know that for investors, having access to money quickly makes all the difference. Because we are direct lenders, not brokers, we are able to make decisions and get to the closing table quickly.
  • Farmers & Merchants Bank
  • 41 South First Street, Miamisburg, OH, 45342
  • Farmers & Merchants Bank was founded in 1923 by a small group of Miamisburg business professionals whose philosophy was to establish a financial institution to provide basic banking services in a friendly and courteous manner. Its market was the residents and the small businesses who were often ignored by the area's larger banks.
  • The Real Estate Authority Lending LLC
  • 1615 Poydras Street, Suite 900, New Orleans, LA, 70112
  • We've been helping customers afford the home of their dreams for many years and we love what we do. 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.
  • West Michigan Mortgage
  • 5344 Plainfield Ave NE, Grand Rapids, MI, 49525
  • West Michigan Mortgage, offering personalized mortgage solutions, fast customized quotes, great rates, & service with integrity. We’re here to make the home loan process easier, with tools and knowledge that will help guide you along the way. Start with a fast, personalized rate quote.
  • Institution For Savings
  • 93 State Street, Newburyport, MA, 01950
  • The Institution for Savings, founded in 1820, is one of the oldest mutual banks in the country with 15 full-services offices along Massachusetts' North Shore and Cape Ann. Member FDIC, FDIC, Equal Housing Lender.banks in the country with 15 full-services offices along Massachusetts MA.
  • United Home Loans, Inc
  • 1000 N. Milwaukee Avenue, Chicago, IL, 60642
  • "Our mortgage lenders not only average more than ten years in the mortgage industry, but also call Chicagoland home. We live where we lend, so we’re always a phone call or face-to-face chat away. Our knowledge of the local market, ability to offer custom loan solutions, and commitment to personal service."
  • Century Home Lending
  • 12362 Beach Blvd, Suite 20, Stanton, CA, 90680
  • Century Home Lending is a mortgage brokerage, we are delivering the most competitive interest rates for home loans and refinance. Reduce your rate-Lower your payment-Pay off mortgage faster-Consolidate debts-Your first home-Your second homes-Investment homes-Gets cash-out for second homes-College cost-Emergency planing and Reduce your rate-Lower yo
  • Ardis Limited Inc
  • 505 Martin Luther King Jr. Avenue, Lakeland, FL, 33815
  • 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. Our goal is to carefully guide you through the home loan process, so that you can confidently select the best mortgage for you and your family from the many mortgage options that are available today.
  • OKALOOSA COUNTY TEACHERS FEDERAL CREDIT UNION
  • 1126 North Ferdon Blvd, Crestview, FL, 32536
  • Okaloosa County School Board, Okaloosa Walton Junior College and St. Mary’s. It was formed with the help of a few local residents in north Okaloosa County. The first credit union building was a very small house behind the bus stop at Richbourg Middle School on Anderson Street in Crestview.
  • New Horizon Mortgage, Inc.
  • 11106 West Avenue, San Antonio, TX, 78213
  • The New Horizon Mortgage, Inc. team is committed to providing clients with the highest quality financial services combined with the lowest rates available in your area. The outstanding mortgage professionals here will work with you one on one to ensure that you get a financial solution that is tailored specifically to meet your financing needs.