The role a borrower’s credit score plays in securing loans cannot be overemphasized and over here, I’m going to provide you with Home Loans for Bad Credit so you don’t have to worry too much in case you have a not so good credit. Do not be discouraged if you have a bad credit but badly needs a home loan for your housing project as there are quite a number of home loans for bad credit that may suit you.
A good credit makes it a bit easier to find a lender whereas a bad credit makes it difficult to find one that will be willing to offer you a loan and rightly so. Good thing though that there a number of lender that offer home loans for bad credit.
But before we go into it, let us first look at what credit score qualifies to be called “bad”.
What a Bad Credit Score is
Per the FICO scoring, any credit score that falls below 580 is seen as a bad credit. Whereas a score from 740 and above is termed as an excellent credit, 670 to 739 as good credit and 580 to 669 as Fair Credit.
However, some lenders are a bit flexible and may consider a credit score of 500 as good enough. The credit scores enables lenders to determine the creditworthiness of borrowers because they wouldn’t want to give out loans to persons who cannot pay back their loans.
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Top Home Loans For Bad Credit
There are quite a number of home loans for bad credit and I’m going to provide you with the ones that are best for you.
Rocket Mortgage
Rocket Mortgage is one of the top mortgage loan providers in the U.S and has its headquarters in the One Campus Martius building in Detroit, Michigan. It was established in 1985 by Dan Gilbert, Gary Gilbert, Ron Berman and Lindsay Gross.
They have provided home loans for thousands of customers over the years and you can also be one. They make application for loan easy and less stressful and can be done online from the comfort of your home or office. Rocket Mortgage places its minimum credit score at 580.
Click HERE for more information about Rocket Mortgage and how you can apply for a home loan from them.
Carrington Mortgage Services
Carrington Mortgage Services is a subsidiary of Carrington Holding Company, founded in 2007 that is into the provision of home loans and mortgage servicing operations. It was founded by Bruce Rose and has its headquarters in Anaheim, California.
They offer home loans to borrowers with a credit score as low as 500 and make a down payment of at least 3.5%.
Click HERE for more information about Carrington Mortgage Services and how you can apply for a home loan from them.
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PNC Bank
PNC Bank offers one of the best home loans in the U.S for bad credit. As a bank, they provide several banking solutions to their customers and ensures that they satisfy every customer.
They offer home loans to borrowers with a credit score of at least 580 at the best of rates and good loan terms and conditions and have got branches scattered across the country. Hence if you are in need of a home loan, you may want to visit any of their branches to speak to a loan officer.
Click HERE for more information about PNC Bank, their home loans and how you can apply for a home loan from them.
FHA Loans
Another home loan for bad credit is the FHA Loans which offers loans to persons with the least of credit scores. This is mainly because they are federal backed home loans that are offered to borrowers so they can complete their project.
With the FHA Loans, you can secure a home loan with a credit score as low as 500 although your loan terms may be slightly different from one with a good credit score. For example, borrowers with a minimum of 580 credit score will make only 3.5% down payment whereas those with a score within the ranges of 500 to 579, will be required to make a 10% down payment.
Click https://www.fha.com/fha_loan_requirements for more information about the FHA Loans and how you can also apply for a loan.
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Homebridge
Homebridge Financial Services is a home loans provider in the United States that has been in the industry for over thirty (30) years. They offer home loans to borrowers with a credit score as low as 550 and makes securing a home loan quite easy and straightforward with loan terms that works best for you.
Get in touch with a loan assistant at Homebridge via email on customerservice@homebridge.com or visit their website https://homebridge.com for more information about their mortgages and how you can also apply.
New American Funding
New American Funding is a top mortgage provider in the U.S that offers mortgage services that works in your interest. They have been doing this mortgage thing for over a decade and has its headquarters in Orange County, California.
Therefore if you are looking for a home loan for bad credit, then New American Funding is definitely your go lender. Reaching out to them is easy as they are available in over thirty (30) states. You can also apply for a home loan from them online from the comfort of your home or office.
Click https://newamericanfunding.com for more information about their mortgage offers and hiw you can apply.