Credit Scores Below 600 Can Get a Mortgage

LeahCoss.ca Hi, everyone, how are you? It’s Leah Coss with the Mortgage Center and I wanted to talk about people who have credit scores or beacon scores less than 600 and even less than 500. There is, obviously, the understanding that if you have a credit score below 600 or below 500, which is very, very low, very, very, low, that you cannot get a mortgage. No, you can’t walk into your bank and get a mortgage, but can you get a mortgage? Yes. Now, are you going to be able to get a mortgage with just five percent down? No. Are you going to be able to get a mortgage with the best interest rates that are out there? No. But, can you get a mortgage? Absolutely. Now typically, any situation or any lender that I use, whether it be a private lender or a B lender or even a C lender, which simply means you’ve got your A business and you’ve got your B and your C business. It’s also, it was once known as sub prime. Technically, sub prime days are gone, but if you had to call it something, that’s what the mortgage would be. For those lenders that we would go to to get lending for you if you have below 600 or below 500, these lenders are going to be lending to you based solely on the property as collateral. They’re totally above [indecipherable 01 lenders. These aren’t like just some guy with a lot of money, although some of my lenders are like that. But, these are legitimate registered companies who lend and they lend strictly based on the collateral. Now, they are going to want to
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One Response to “Credit Scores Below 600 Can Get a Mortgage”

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