611 Credit Score Mortgage

Options for getting a mortgage loan with 611 Credit score

With 611 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 611 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.


611 credit score mortgage

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Private money lenders for credit score 611

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% 64.75$ 64.85$ 65.55% 52.04%
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 1.66 2.49 3.22 2.97 3.28
Rate 6.67% 10.72% 11.61% 11.12% 12.81%
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

611 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 611 credit:

  • NJ Lenders Corporation
  • 219 Paterson Ave, Little Falls, NJ, 07424
  • We are a leading New Jersey and New York Mortgage Company that is privately owned and licensed as a residential mortgage banker. Founded in 1991, the company currently originates first and second mortgage loans in NJ, NY, CT, PA, VA, MD, and FL. With 7 offices and over $20 billion in closed mortgage loans, we know how to get the job done.
  • Galipeau Mortgage LLC
  • 945 Wyoming Street, Apt 217, Missoula, MT, 59801
  • Mortgage Planning Specialist and Owner of Galipeau Mortgage has been helping clients achieve their home ownership goals. Jackie is passionate about her industry & has built her highly respected career on earning the trust of her clients and partners by providing honest, well-communicated & knowledge-based lending experiences with on-time results!
  • Mortgages By Linda
  • 8833 Perimeter Park Blvd, Suite 403, Jacksonville, FL, 32216
  • Linda has been in the mortgage business for 19+ years and is licensed with the NMLS (National Mortgage License System) for Florida. Living in the North Florida area since 1987 has given her a great understanding of the surrounding areas offering relevant and reliable information.
  • Crestline Insurance Services LLC
  • 3170 E Sunset Rd Suite# B, Las Vegas, NV, 89120
  • Crestline Insurance Services LLC offers commercial general liability insurance Las Vegas, which is designed to decrease financial risks for your business. Economic troubles can arise from litigation and lawsuits against your business for a selection of possible hazards. Commercial basic liability insurance, or CGL, pays for damages and claims pri
  • Summerfield Mortgage LLC
  • 3060 Kimball Bridge Road, Suite 155, Alpharetta, GA, 30022
  • Summerfield Mortgage, LLC is a young company with deep roots, founded on over 25 years of experience. We offer top service because we have your best interest at heart and also Mortgages made easy. Whether this is your first home purchase, refinance, a vacation home, or investment property.
  • Louisiana Central Credit Union
  • 824 Elmwood Park Boulevard, Suite 100, Harahan, LA, 70123
  • Members are the most important asset of the Louisiana Central Credit Union. This state-chartered, not-for-profit, not-for-charity, but for service financial institution which has been in continuous operation since 1942, exists solely to serve the financial needs of its members. Like all credit unions,
  • GoKapital
  • 2150 Coral Way, Suite 1, Miami, FL, 33145
  • GoKapital provides a variety of real estate financing programs in all 50 states, including: hard money fix and flip loans (up to 100% of rehab funds), 30 year rental investment property loans, commercial mortgages, with closings in 2-4 weeks and minimal paperwork. Our LTVs range from 60% to 85% with terms from 1 to 30 years. We issue pre-approvals
  • Weston Loan Group LLC
  • 1087 Beacon, Suite 202, Newton Center, MA, 02459
  • "Founded in 2005, the key to our success has been a combination of consistently offering the lowest possible mortgage rates and above all providing outstanding customer service. We take pride in treating our clients with honesty, integrity and transparency. We want to get to know you so that one of our seasoned loan officers can offer"
  • Supreme Lending - Mortgage Lenders Delray Beach FL – Refinancing & VA home loan
  • 110 SE 4th Ave, Ste. 102, Delray Beach, FL, 33483
  • Supreme Lending, one of the most respected Mortgage Bankers, was established in 1999 by Scott Everett. Having an extensive business and mortgage background, Mr. Everett has secured the respect of mortgage professionals and is committed to attracting not only the most professional loan officers but also the most cutting edge loan products.