615 Credit Score Mortgage

Options for getting a mortgage loan with 615 Credit score

With 615 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 615 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.


615 credit score mortgage

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Private money lenders for credit score 615

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% 64.81$ 64.91$ 65.61% 52.1%
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 1.6 2.46 3.19 2.94 3.25
Rate 6.64% 10.69% 11.58% 11.09% 12.78%
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

615 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 615 credit:

  • Veristone Mortgage, LLC.
  • 6725 116th Ave NE Suite 210, Kirkland, WA, 98033
  • At Veristone, we are private money lenders and experienced mortgage professionals who desire to partner with you to make your real estate investments a success. Veristone Mortgage offers portfolio and traditional lending solutions for investment properties in Idaho, Oregon and Washington.
  • First & Farmers National Bank
  • 2020 South Highway 27, Somerset, KY, 42501
  • Our story began in February of 2008 with the incorporation of First & Farmers National Bank, but our roots in our four communities are much deeper. Our history can be traced back to Citizens Bank of Albany, located in Clinton County, KY, dating back to 1898; to First National Bank of Columbia, located in Adair County.
  • Victory Home Mortgage Inc.
  • 123 Main, Victorville, CA, 92392
  • 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.
  • Union Bank
  • 20 Lower Main St, Morrisville, VT, 05661
  • Union Bank is a wholly-owned subsidiary of Union Bankshares, Inc. (UNB, traded on the NASDAQ Exchange). Headquartered in Morrisville, VT, since 1891, we are proud to be a community bank with a long record of service to the people and businesses of Northern Vermont and--more recently--Northern New Hampshire.
  • Cafe Lending
  • 3850 Priority Way S Dr, Suite 116, Indianapolis, IN, 46240
  • We are a team of coworkers who only want the best for each other. Our mutual respect & caring attitude are reflected in our work & in how we treat our clients. Our guiding principle is to treat those we serve as we would want to be treated. Our team may be small but we are mighty. We understand that time is one of the most valuable things in life.
  • The Brokerage
  • 4676 Lakeview Ave, Suite 204, Yorba Linda, CA, 92886
  • The Brokerage, We are home loan experts dedicated to making sure your home purchase or refinance experience is uniquly customized to meet or exceed your needs and goals. We've been helping customers afford the home of their dreams for over 18 years and love what we do. There are a number of different types of home loans available to you
  • CGR Credit Union
  • 2040 Ingleside Ave, Macon, GA, 31204
  • CGR Credit Union is a not-for-profit, member-owned and -operated, State chartered financial services organization. Founded by hospital employees in 1971, CGR Credit Union has served over 10,000 healthcare employees, professionals, members and their families. On the surface we may look like any other full-service community credit union
  • The Lending Lady
  • 6200 E Thomas Rd, Suite 202, Scottsdale, AZ, 85251
  • Whether you are looking for a VA loan for a new home purchase in Tucson, refinance a mortgage for your home in Phoenix, or are looking for jumbo mortgage financing for a custom build in Flagstaff, The Lending Lady has the loan program that fits your needs. You only think about home financing a few times in your life
  • Powerco Federal Credit Union
  • 241 Ralph McGill Boulevard NE, Atlanta, GA, 30308
  • Powerco is a federally insured financial institution headquartered in Atlanta, Georgia. Chartered in 1935, Powerco, with over $185 million in assets, is one of the largest and fastest growing credit unions in the State of Georgia. More than 21, 000 members and their families are served by dedicated professionals in eight branches in GA & MS.
  • A-1 Mortgage, LLC
  • 7410 New La Grange Rd, Suite 108, Louisville, KY, 40222
  • Raised in Kentucky, I love being able to help others achieve their dreams to live in this great state. I have been in the mortgage business for over ten years, initially starting my career within our family owned mortgage company, A-1 Mortgage Company, Parker Services. After my family retired, I broadened my knowledge in the field with a position
  • Alta Mortgage Group
  • 4824 South 6150 West, Hooper, UT, 84315
  • At Alta Mortgage Group, 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.
  • EagleKnight Mortgage
  • 6671 S. Las Vegas Blvd. Building D, Suite 210, Las Vegas, NV, 89119
  • At EagleKnight Mortgage, we will find a loan that fits each borrower. Unlike big banks that have "order takers" helping you with your loan, we have highly skilled loan consultants. Our consultants know what it takes to get through underwriting quickly. Also, the big banks have a limited number of lending options available,