646 Credit Score Mortgage

Options for getting a mortgage loan with 646 Credit score

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.

Best rate & terms for your 646 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.


646 credit score mortgage

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Private money lenders for credit score 620-679 646

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.

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 646 credit:

  • Premier Home Loans
  • 8600 Park Meadows Dr, Suite 300A, Lone Tree, CO, 80124
  • Premier Home Loans are a 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, you need to make sure you’re dealing with a top professional who is able to give you quick and accurate financial advice.
  • Direct Lending Partners
  • 95 Highland Ave, Suite 300, Bethlehem, PA, 18017
  • At DLP Lending, we offer direct funding for short-term real estate loans. Our practical approach allows us to get your deal done, even when banks and traditional lenders cannot. Speak to one of our lending professionals today to see what’s truly possible, and let’s turn your property into a done deal.
  • First National Bank in Cimarron
  • 121 N. Main, Cimarron, KS, 67835
  • We believe in our community and our ability to serve you better than anyone else. When you invest with First National Bank we put your money to work for you and a better local economy. First National Bank is actively involved in both the Cimarron and Ingalls communities and works with several organizations for the betterment of the community.
  • Intermountain Mortgage Company, LLC
  • 2029 Sidewinder Drive, Suite 200, Park City, UT, 84060
  • Intermountain Mortgage Company, Inc., our mission is to set a high standard in the mortgage industry. A part of the Park City community since 1992, our experienced staff is committed to quality customer service - putting the people we serve first. Take advantage of our expertise in the residential lending industry.
  • Proctor Federal Credit Union
  • 410 N Second Avenue, Proctor, MN, 55810
  • The Credit Union operated out of one room at 226 3rd St. in Proctor as a State Chartered Credit Union until October 1970 when it became a Federal Chartered Credit Union known as the Proctor Area Federal Credit Union. At that time, this 1, 200 member; $700, 000.00, Credit Union changed from an Employee Credit Union to a Community Credit Union.
  • R & G Financial Services Inc.
  • 2320 Tapo Street, Simi Valley, CA, 93063
  • At R&G Financial Services, our first priority is our relationship with you, the client. Our diverse staff not only reflects years of mortgage and financial experience, but the flexibility to accommodate a wide variety of challenges. We pride ourselves in recognizing and servicing every borrower's unique needs.
  • Coda Financial Group Inc
  • 2421 75th St, Woodridge, IL, 60517
  • Coda Financial Group Inc have a 30+ Years of Experience Residential, Investment, and Commercial Loans Setting the pace Helping our clients through the real estate buying process and also we 30+ Years of Experience. Residential, Investment, and Commercial Loans Setting the pace. Helping our clients through the real estate buying process.
  • Holiday Finance
  • 1410 Dale Earnhardt Blvd, Kannapolis, NC, 28083
  • Holiday Finance is locally owned and operated. Since 1980 we have been serving our community and surrounding areas with Personal Loans and Auto Financing. We take great pride in using this knowledge to help you, our customer, with your financial needs and making sure your loan is the right loan for you.