623 Credit Score Mortgage

Options for getting a mortgage loan with 623 Credit score

With a credit score of 623, you have the option to get conventional mortgages, Jumbo, Super Jumbo, FHA, Va, USDA, Non-QM, and hard money loans. Lendersa can help you decide which loan program is most optimum based on your unique financial situation and needs. For commercial properties-type loans, your credit score is good enough for certain bank loans, Subprime SBA loans, or loans funded by private money lenders.

Best rate & terms for your 623 credit score

To be approved for a loan, your credit score is one of several factors that will decide the loan amount and the rate& terms you will get. Among the factors are: low LTV, income stability, cash reserves, low Debt to Income Ratio, Co-borrowers' credit and financials, property conditions, and ten other factors that combined may help or prevent you from getting the loan you need. Timing is another factor to consider, and unfortunately, big banks are often slower than alternative smaller lenders.

Compare 10 lenders to match your unique financing needs

Or check some of the best lenders in the country: https://www.wellsfargo.com/mortgage/rates/ https://www.bankofamerica.com/mortgage/mortgage-rates/ https://www.citi.com/mortgage/refinance-rates https://www.rocketmortgage.com/mortgage-rates

The benefit of using Lendersa advanced qualifier is that it is faster, reliable, and does not require your social security number or other confidential information.


623 credit score mortgage

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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 620-679 623

When you need a mortgage fast and can't wait for bank approval, your only option is to look for private lenders (Hard Money). It is a misconception that only borrowers with bad credit are using hard money loans. Banks must have your tax returns and full financial records before they approve your loan, regardless of credit. When time is of the essence, getting a private money loan could be much more beneficial than letting an opportunity slide by because of bank latency.

Owner-Occupied Residential Non-Owner-Occupied Residential Commercial Hard Money Vacant Land
Max Loan to Value 64.97$ 65.07$ 65.77% 52.26%
Programs Hard Money Hard Money Hard Money Hard Money
Points 2.38 3.11 2.86 3.17
Rate 10.61% 11.5% 11.01% 12.7%
Loan terms 1—5 years 1—10 years 1-10 years 1-3 years
Property Condition Any Any include Fixer-Upper Any Unentitled land- reduce LTV to 32%

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

A small percentage of mortgage brokers could take advantage of your great credit score 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

Improving your credit score to above 680 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 623 credit:

  • First Security Bank Missouri
  • 4 And Cedar, Union Star, MO, 64494
  • First Security Bank was originally established on June 3rd, 1890 in Union Star, Missouri. After over 110 years of growth in Union Star, the decision was made to establish another facility. On April, 2001, First Security Bank opened its new facility in Trimble, MO. The Trimble area was chosen because it fit well into First Security Bank's goal.
  • First Security Bank MS
  • 295 Highway 6 West, Batesville, MS, 38606
  • We are ONE with the people we serve. For more than a half century, your cares have been our concerns. Your needs, our priorities. At First Security Bank, our growth remains rooted in being the ONE bank that can relate to everyone, with products and services that are number ONE. See what we can do together, as ONE.
  • LC Lending Inc
  • 1680 North East 125 Street, Miami, FL, 33181
  • LC Lending is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you.
  • Citizens State Bank ANTON TX
  • 224 North Main Street, Anton, TX, 79313
  • The Citizens State Bank is Texas chartered under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Citizens State Bank is located in Anton, Texas, and was founded in 2007. At this location, Citizens State Bank employs approximately 12 people.
  • Northeast Alabama Postal FCU
  • 200 S Quintard Ave, Anniston, AL, 36202
  • In 1955, several employees of the Anniston, Alabama, Post Office agreed that it would be a benefit for all of the employees to form a credit union. They assembled a group of twenty-five, and in July 1956, were chartered as the Northeast Alabama Federal Credit Union. In the years since, we have grown to 1186 members, with over $15 Million in assets.
  • Bank of Wolcott
  • 105 North Range Street, Wolcott, IN, 47995
  • Bank of Wolcott has been proudly serving local communities with the knowledge, experience, and financial resources to assist our customers in meeting their financial goals and objectives. Today, just as when we opened our doors in 1944, Bank of Wolcott is an independently owned community bank making decisions.
  • Sunshine Mortgage Solutions LLC
  • 5722 New Paris Way, Ellenton, FL, 34222
  • Sunshine Mortgage Solutions LLC is your online resource for personalized mortgage solutions, fast customized quotes, great rates, & service with integrity. Whether you’re buying, selling, refinancing, or building your dream home, you have a lot riding on your loan officer. Since market conditions and mortgage programs change frequently,
  • Wallis State Bank
  • 6510 Railroad Street, Wallis, TX, 77485
  • Wallis Bank is a full service community bank with locations in Houston, Dallas, San Antonio, Los Angeles, and Atlanta. At Wallis Bank, our mission is to provide you with financial services that are unsurpassed in customer satisfaction. What makes Wallis Bank unique is our ability to serve the small rural customers to large international customers.
  • ERA Prime Properties
  • 2545 Chino Hills Pkwy, Suite D, Chino Hills, CA, 91709
  • ERA Prime Properties satisfaction of such propels business. Success is based on getting what you want, happiness is liking what you get.So, when my customers get what they want, happiness permeates the environment and a win/win situation is established which leads to growth and development thus success.
  • Preferred Credit Inc.
  • 4415 North Blvd, Baton Rouge, LA, 70806
  • Preferred Credit Inc. prides itself on the knowledge and professionalism that we provide when assisting you. Our main goal is to say yes when you apply for a loan. We want to make our process as easy for you as possible. You can stop by when it is convenient for you or you can give us a call and we can do the application over the phone.