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:

  • Lowen Enterprise LLC
  • 115a South Main, Grain Valley, MO, 64029
  • WPL Mortgage Solutions is more than a mortgage broker, we’re your financial partner. We seek out long-term relationships with our vendors, suppliers, employees and most of all, with our clients. As a mortgage broker, we take time to get to know customers and find real solutions so they can live out their dreams.
  • KC Mortgage Guy
  • 1201 NE 92nd St, Kansas City, MO, 64155
  • Will Fosters goal and aspiration is to provide you with such an incredible lending experience you will feel comfortable introducing the people you care about most to me. Looking forward, I see a huge opportunity to help an immense amount of people realize their financial goals, and it is my hope you will be right there alongside me.
  • Next Step Home Loans, LLC
  • 12841 Jones Rd. #245, Houston, TX, 77070
  • Next Step Home Loans, LLC is a mortgage broker headquartered in Houston but we can offer our programs and mortgage services throughout the entire State of Texas. We are a preferred mortgage broker for some of the top mortgage wholesale lenders in the country and we use that preferred status to offer our clients.
  • The Bank of La Fayette, Georgia
  • 101 West Patton Street, La Fayette, GA, 30728
  • The Bank of LaFayette received its original charter from the state of Georgia in 1889. Founded by a group of local investors from the LaFayette and south Walker County area, the bank did not actually begin business for another ten years. On July 18, 1899, The Bank of LaFayette opened for business in a location on the west side of the town square.
  • La Salle State Bank
  • 654 First Street, La Salle, IL, 61301
  • La Salle State Bank’s start was humble. With modest quarters, established inside a small two-story structure on the site of our present location. We are a full service banking institution and we have consistently received a 5 Star Rating from Bauer Financial, recognizing us as one of the strongest financial institutions in the country.
  • First Charter Financial Corporation
  • 8204 East Del Caverna Drive, Scottsdale, AZ, 85258
  • First Charter Financial Corporation is a lender in the primary mortgage market. We are a small company. We only make loans in the state of Arizona. We have a low overhead so we are competitive with the large national companies. We do things differently from the large mortgage banking companies and the big banks.
  • Florida Home Mortgage Corp
  • 1949 Par Drive, Naples, FL, 34120
  • 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.
  • North Star Lending, LLC
  • 6300 Wilshire Blvd. Suite 1420, Los Angeles, CA, 90048
  • North Star Lending, LLC is a direct (private money) commercial hard money lender, making California real estate secured loans. ​We pride ourselves in efficient loan underwriting and quick decisions and funding. If you need money quickly, do yourself a favor and allow us the opportunity to earn your business.
  • Prosperity Mortgage
  • 900 Heavenfield Dr, Edmond, OK, 73034
  • Prosperity Mortgage, LLC is a full service correspondent mortgage broker, providing the industry with the best solutions in residential purchases, refinances, and renovation loans. Our product offering complements customers throughout Oklahoma metro cities as well as the rural areas including FHA, VA, JUMBO, and Rural Housing Portfolio.