Can a person get a mortgage loan with a credit score of 650? If so where? I have had credit trouble in the past. I am now trying to rebuild. I am finding it hard to get a mortgage loan or a major credit card. I have read stories about people getting loans with credit scores lower than mine.
The credit scores are based as follows:
740 and higher = excellent
661 to 739 = good
601 to 660 = fair
501 to 600 = poor
500 or lower = bad
The score of 650 would be a fair score and this might not be as bad as what you think. Credit scores over the past 10 years have fallen and the approval of loans for fair credit score are becoming easier. You will note that 33 percent of closed loans in spring 2014 were for borrowers with a credit score below 700, compared with 27 percent a year earlier.
Carrington Mortgage Services as note that “In 2005, 1 out of every 7 loans were approved for borrowers who had a credit score under 630. By 2013, 1 out of every 500 borrowers had a credit score that low.” If you are looking to finance with a low credit score then try Churchill Mortgage or Carrington Mortgage Services.
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