With your good 778 credit score, you could expect the highest quality mortgage programs and the best rate &terms. Conventional mortgages, Jumbo, Super Jumbo, FHA, Va, USDA, and Non-QM loans are at your fingertips, and lenders will swoon over your loan request to compete for your business. Your top-rated credit score can compensate for a high debt-to-income ratio ( DTI), low reserves, or high LTV.
A high score credit does not guarantee you will get your loan approved. LTV, Income stability, cash reserves, location, Debt to Income ratio, Co-borrowers, property type, property conditions, and ten other factors 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 | 73.77$ | 73.72$ | 73.95% | 54.8% |
| Programs | Hard Money | Hard Money | Hard Money | Hard Money |
| Points | 1.11 | 1.84 | 1.59 | 1.9 |
| Rate | 9.34% | 10.23% | 9.74% | 11.43% |
| 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 35% |
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.
778 is a low score; unfortunately, a small percentage of mortgage brokers could take advantage of your credit disadvantage 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 800 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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