646 Credit Score Mortgage

Options for getting a mortgage loan with 646 Credit score

With a credit score of 646, 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 646 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.


646 credit score mortgage

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Private money lenders for credit score 620-679 646

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 65.43$ 65.53$ 66.23% 52.72%
Programs Hard Money Hard Money Hard Money Hard Money
Points 2.15 2.88 2.63 2.94
Rate 10.38% 11.27% 10.78% 12.47%
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 646 credit:

  • Principle Mortgage Group, Inc.
  • 1135 Washington Ave, Suite 100, Detroit Lakes, MN, 56501
  • Principle Mortgage Group, Inc. is a wholesale Mortgage Broker committed to providing our clients with great customer service combined with great rates. Whether you are first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced mortgage professionals
  • Rehab Financial Group, LP
  • 1062 Lancaster Ave, Suite 15C, Rosemont, PA, 19010
  • Rehab Financial Group, LP is a Rehab & Hard Money Lender helping real estate investors purchase and rehab non-owner occupied 1-4 family investment properties. We provide funding for 100% of the purchase and 100% of the rehab costs. Our loans are for 12-months (interest only payments), allowing investors to rehab a property that otherwise would no
  • Onomea Federal Credit Union
  • 27-251 Old Mamalahoa Highway, Papaikou, HI, 96781
  • "Onomea Federal Credit Union has been open since 1939. The credit union has assets totaling $22.25 Million and provides banking services to more than 2,000 members. The credit union is a community-based financial institution. People living, working, or worshipping in the credit union's geographic area can become a member"
  • All Access Financial
  • 576 Broadhollow Rd, Melville, NY, 11747
  • All Access Financial is a true financial marketplace offering working capital loans. We provide all types of financial options when it comes to your business, such as Working Capital Loans, Business Term Loans, Merchant Cash Advances, Lines of Credit, Equipment Financing, Commercial and Residential Loans, and SBA Loans. We understand that every bus
  • Ascend Financial Network LLC
  • 250 State Street, Unit F2, North Haven, CT, 06473
  • Ascend Financial Network LLC are a residential/commercial lending brokerage that combines a complete knowledge of the financial markets and strong relationships with numerous lenders, to formulate the best financing options available for our clients.We have built a strong reputation as an outstanding mortgage-firm, serving the lending needs.
  • Timberland Federal Credit Union
  • 821 Beaver Drive, Du Bois, PA, 15801
  • Our goal is to provide our membership with high quality service, understanding, and convenience. We hope you will use your credit union membership and discover the fantastic value and rewards of TFCU! Timberland Federal Credit Union is a not-for-profit financial cooperative, owned and operated democratically by members like you!
  • Garden City Mortgage
  • 170 Tullamore Road, Garden City, NY, 11530
  • In business since 1997, our mission is to serve our customers with honesty, integrity and competence. Our goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs possible. Furthermore, we pledge to help borrowers overcome roadblocks that can arise while securing a loan.
  • Parkside Mortgage LLC
  • 5948 Timber Ridge Drive, Suite 202, Prospect, KY, 40059
  • Parkside Mortgage is an independent mortgage company licensed in KY, IN, TN, and FL. Our efficient business model allows us to offer rates below the national average while providing above-average service. Specialized loan products are available that you won’t find at the typical big-box lender or bank.