656 Credit Score Mortgage

Options for getting a mortgage loan with 656 Credit score

With a credit score of 656, 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 656 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.


656 credit score mortgage

Compare 10 Lenders In Minutes

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 620-679 656

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 65.63$ 65.73$ 66.43% 52.92%
Programs Hard Money Hard Money Hard Money Hard Money
Points 2.05 2.78 2.53 2.84
Rate 10.28% 11.17% 10.68% 12.37%
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 656 credit:

  • MortgageStar LLC
  • 4550 Montgomery Avenue, Suite 115N, Bethesda, MD, 20814
  • Mortgage Star believes that every customer deserves the best care and service when purchasing or refinancing the home of their dreams. we're here to serve your mortgage needs and have what it takes to make a difference in your next mortgage transaction.As a broker, we don’t work for the banks we work for our clients. We seek out the best lender.
  • Eagle Creek Mortgage, LLC
  • 2656 Quince Orchard Rd, Suite 120, Gaithersburg, MD, 20878
  • Eagle Creek Mortgage, LLC mission is to serve our clients with honesty, integrity and competence. Our goal is to provide no-points mortgage loans to our customers while affording them the lowest possible interest rates and closing costs. Furthermore, we pledge to provide unparalleled service to each and every one of our borrowers.
  • Elite Mortgage Lender
  • 4345 Pioneer Rd, Medford, OR, 97501
  • At Elite Mortgage Lender, Mortgage Specialist in Ashland & Medford, OR, & Denver CO. There seemed to be a real need in the mortgage industry for brokers who genuinely wanted to help people. The mortgage process can be intimidating and even overwhelming for many. The language can seem foreign. I could see a real need for someone
  • United Freedom Mortgage
  • 7136 Haskell Avenue, Suite 107, Van Nuys, CA, 91406
  • United Freedom Mortgage was born from the idea that the dream of owning a home is at the reach of everyone. With over 25 years of combined experience in Mortgage Loans and Real Estate, we commit to helping you find the best deals to own a house & make your dream a reality. We have helped hundreds of families relocate to their ideal home at a price
  • ILG Lending
  • 7551 Wiles Road, Unit 105B, Coral Springs, FL, 33067
  • We are dedicated to helping consumers and businesses obtain financing. First, before any business transactions take place, it is our goal to build lasting relationships. We use our extensive knowledge of our clients to make recommendations that are uniquely designed to meet their specific lending needs.
  • RISEN MORTGAGE
  • 3707 E. Southern Ave, Mesa, AZ, 85206
  • We have been in the Mortgage service business for over 17 successful years. This longevity & confidence comes from our Mortgage services to a great many buyers & repeat clients for refinances. We will shop some of the Nations lenders that will fight for your business with aggressive rates and we will match you with the best lenders in the Country.
  • Broker Match Inc
  • 2655 First St, Suite 250, Simi Valley, CA, 93065
  • "BrokerMatch is a performance-based Online Marketing and Media company. Since 1996, the founders have delivered more than 5 million interested consumers to a valued network of partners. With excellent pricing, smart filters, superior service, and years of experience, BrokerMatch has become a trusted partner with lenders, agents, brokers, and s
  • Media City Credit Union
  • 1020 W Olive Ave, Burbank, CA, 91506
  • Media City Credit Union is Federally Insured by NCUA - Equal Housing Opportunity and has served its members since 1936 when we were founded by employees of Helms Bakeries. A credit union is like a bank, only better. Media City CU offers checking, savings, credit cards and loans, yet profits are returned back to members in the form of reduced fees,