With a credit score of 646, 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.
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.
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 | 65.43$ | 65.53$ | 66.23% | 52.72% |
| Programs | Hard Money | Hard Money | Hard Money | Hard Money |
| Points | 2.15 | 2.88 | 2.63 | 2.94 |
| Rate | 10.38% | 11.27% | 10.78% | 12.47% |
| 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.
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.
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
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