648 Credit Score Mortgage

Options for getting a mortgage loan with 648 Credit score

With a credit score of 648, 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 648 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.


648 credit score mortgage

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Private money lenders for credit score 620-679 648

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 65.47$ 65.57$ 66.27% 52.76%
Programs Hard Money Hard Money Hard Money Hard Money
Points 2.13 2.86 2.61 2.92
Rate 10.36% 11.25% 10.76% 12.45%
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 648 credit:

  • Widget Financial
  • 2154 East Lake Road, Erie, PA, 16511
  • Widget Financial are a We're a local not-for-profit credit union that is shared by more than 44, 000 members. Instead of stockholders found in traditional banks, our members both own and democratically control our financial cooperative. Our member-owners are the heart of our business
  • Major Mortgage
  • 5600 Mickey Dr, Suite D, Farmington, NM, 87402
  • Here at Major Mortgage We are your Local Mortgage Lender and we strive daily to be a one stop shop for you by providing Processing, Underwriting and Closing all under the same roof. Our team of licensed experts have a combined 40 years of experience and extensive knowledge and understanding of loans and how they work.
  • Ironworkers USA Credit Union
  • 11620 NE Ainsworth Circle, Suite 400, Portland, OR, 97220
  • Ironworkers USA Federal Credit Union is dedicated to promoting community development in all of the areas it conducts business and to provide affordable financial services to low-income people. In doing so, we will help them build assets and achieve financial stability. As a Financial Cooperative, We are Owned and Operated by Our Members.
  • The Pataskala Banking Company
  • 354 S. Main St., Pataskala, OH, 43062
  • The Pataskala Banking Company was founded in 1888 by William Henry Mead II and J. S. Youmans as a community bank serving southwest Licking County and it remains one of the few true community banks in central Ohio. Our first office opened in downtown Pataskala in 1888 and we have maintained a presence in downtown Pataskala
  • Advantage Mortgage Home Loans
  • 2334 S. 600 W, Syracuse, UT, 84075
  • As experienced loan officers we have the knowledge and expertise you need to explore the many financing options available. Ensuring that you make the right choice for you and your family is our ultimate goal, and we are committed to providing our customers with mortgage services that exceed their expectations.
  • ALLIANCE MORTGAGE LENDING SERVICES INC
  • 7944 N. Maple Ave, Suite 116, Fresno, CA, 93720
  • Founded in 1997, Alliance Mortgage is a local mortgage company comprised of a few good mortgage professionals with deep roots in the Valley as well as comprehensive knowledge and profound experience in mortgage finance and real estate. Servicing the financing needs of homebuyers..
  • Choice One Community Credit Union
  • 501 E Main Street, Wilkes Barre, PA, 18702
  • Choice One Community Credit Union is a member-owned and operated, not-for-profit financial cooperative, chartered under federal law. We strive to provide outstanding financial products, exceptional personal service and to always maintain the safety and soundness of members’ funds.
  • Congressional Capital
  • 125 N Washington St, Falls Church, VA, 22046
  • Congressional Capital, LLC is the leading hard money lender in DC, dedicated to providing fast and flexible direct, private loans to DC developers and borrowers. The lending experts at Congressional Capital provide full spectrum services related to private/hard money real estate transactions
  • Irvin Works Federal Credit Union
  • 1301 Camp Hollow Raod, West Mifflin, PA, 15122
  • The Irvin Works Federal Credit Union has been serving employees of the Irvin Works Mill & their families for the past 80 years. We promise to continue to be “Your Full-Service Financial Institution: Growing and Changing for the Future of Our Members. Over the years our Credit Union happily has been serving the Steel Workers of the Mon Valley Works
  • Janus Mortgage
  • 2588 El Camino Real, Carlsbad, CA, 92008
  • "Janus Mortgage (NMLS # 1433731) has 20+ years of experience in all aspects in the Southern California real estate marketplace. We have seen all of the ups and downs of what is the most unique real estate market in the world. Funding loans and selling real estate are our passion."