470 Credit Score Mortgage

A hard money mortgage loan with a 470 Credit

With a 450 470 credit score, your only option for a mortgage is through private money investors, aka hard money lenders. Other types of loans are entirely off limits regardless of your income, cash in the bank, or low LTV. You will need to raise your credit score to at least 500 and preferably 580 to become eligible to obtain a HUD FHA loan, or a subprime loan.

To find out the requirements for an FHA loan, explore https://www.hud.gov/program_offices/housing or enter your data here into our FHA loan eligibility calculator and alternative options.


470 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 350-499

Despite having a poor credit score of 470, private investors through hard money brokers will lend you money to purchase a new property or refinance the existing property as long as you have a large down payment or enough equity in the property.

Owner-Occupied Residential Hard Money Owner-Occupied Residential Commercial Vacant Land Conventional FHA, VA, USDA, Non-Qm
Max Loan to Value 60.11% 60.21% 61.34% 50.14% N/A
Programs Hard Money Hard Money Hard Money Hard Money N/A
Vesting Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC Natural, Corporation, LLC N/A
Tax Returns Bank statements or other documents showing ATR Alt documents or equity-only loans Alt documents or equity-only loans Alt documents or equity-only loans N/A
Points 3.18 3.91 3.66 3.97 N/A
Rate 11.41% 12.3% 11.81% 13.5% N/A
Loan terms 1—5 years 1—5 years 1-7 years 1-3 years N/A
Property Condition Any Any include Fixer-Upper Any Unentitled land- reduce LTV to 26.23 N/A

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

470 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.

Improve your credit score for mortgage

Credit scores of 625 or above will open the door for more loan programs and better rates & terms. If you are not rushing to refinance or purchase a property, consider raising your credit score before attempting a loan review. Check our recommended resources to improve your credit at the bottom of the page Improving your credit score 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 470 credit:

  • Avanti Federal Credit Union
  • 1620 Fourth Street NE, Watertown, SD, 57201
  • Avanti Federal Credit Union has been open since 1953. It's the 23rd largest credit union in South Dakota with assets totaling $29.61 Million and providing banking services to more than 3, 000 members as of March 2022. People living, working, or worshipping in the credit union's geographic area can become a member and access banking services.
  • Kind Home Loans Inc
  • 433 North Camden Drive, Suite 600, Beverly Hills, CA, 90210
  • Kind Home Loans small boutique agency where everyone knows everyone and that's the way we like it. While others may solely pursue the bottom line, we view success in a different light. Our fun and inclusive working environment is built upon equality, diversity, and team spirit. From new to seasoned loan originators.
  • BANNER FEDERAL CREDIT UNION
  • 525 W Brown Rd, Mesa, AZ, 85201
  • Banner Federal Credit Union was originally chartered as a Federal Credit Union on April 23, 1957. The credit union has grown from an original membership of 22 to 9,180 as of November 2015. We are not a bank; we are a credit union, a not-for-profit, full-service financial institution, owned by our members.
  • Huntington Mortgage
  • 305 Pasadena Avenue South, South Pasadena, CA, 91030
  • Huntington Mortgage is your premier mortgage team located in South Pasadena, California. We pride ourselves on offering some of the most competitive rates nationwide and make the loan process simple, straightforward and fast for borrowers seeking a mortgage in the State of California.
  • APR Commercial Funding
  • 1197 Sarasota Center Blvd., Sarasota, FL, 34240
  • The APR Commercial Funding team is committed to providing all clients with the highest quality financial services combined with the lowest rates available in your area. The outstanding mortgage professionals here will work with you one on one to ensure that you get a financial solution that is tailored specifically to meet your financing needs.
  • First Community Bank
  • 201 W Main Street, Silver Lake, MN, 55381
  • First Community Bank is interested in the financial wellbeing of our valued customers. Listening to your needs is the first step in supporting and guiding your financial success. Our caring and knowledgeable staff are here to listen and recommend quality financial products and services to help you reach your goals.
  • Business Loan Solutions
  • 601 S Harbour Island Blvd, Suite 109, Tampa, FL, 33602
  • Business Loan Solutions is a diversified loan service company which provides a broad array of loan services countrywide to help companies receive the money they need to improve their sales, operating efficiency and for growth. The company provides several business loan programs including: lines of credit, business acquisition.
  • Apartment Loan Store
  • 11704 North Island Cove Lane, Portland, OR, 97217
  • Apartment Loan Store, a division of Business Loan Store(link is external), is a Commercial Mortgage Banking and Advisory Firm since 1997. We are members of the Mortgage Bankers Association and lend in all 50 states. Our funds come from Fannie Mae, Freddie Mac, HUD, Life Companies, Capital Markets, Mortgage Backed Securities, Hedge Funds, Pension F
  • The Investor's Source
  • 118 E 29th Street Suite H, Loveland, CO, 80538
  • The Investor’s Source LLC funds deals throughout Colorado, offering a variety of hard money lending programs that provide solutions to the short-term challenges facing real estate investors. We can pre-approve your deal in 24-48 hours (or less) with no initial appraisal or deposit required until pre-approval is complete. Ask about our Preferred/
  • Loantrust Mortgage, Inc
  • 1258 Scottsland Dr., Lakeland, FL, 33813
  • "We have been in the Real Estate and Mortgage service business for over 20 successful years. This longevity and confidence comes from our Real Estate & Mortgage services to a great many buyers and sellers, and their recommendations to others that result in repeat referral business. "