Getting a mortgage can be a daunting task, especially if your credit score is not where it needs to be. A credit score of 615 is considered fair, but it can make it challenging to qualify for a mortgage. However, there are mortgage lenders out there who are willing to work with borrowers with a credit score of 615.
What is a Credit Score?
A credit score is a number that represents a borrower’s creditworthiness. It is based on their credit history and current credit usage. Credit scores range from 300 to 850, and a score of 615 is considered fair. A fair score means that a borrower may have some negative marks on their credit history, but they are still able to obtain credit.
Why is a Credit Score Important for a Mortgage?
Credit scores are an essential factor in determining a borrower’s ability to obtain a mortgage. Mortgage lenders use credit scores to determine the borrower’s risk level. The higher the credit score, the lower the risk for the lender. A lower credit score means that the borrower is a higher risk, and the lender may require a higher interest rate or a larger down payment.
What are the Options for Borrowers with a 615 Credit Score?
There are mortgage lenders out there who are willing to work with borrowers with a credit score of 615. These lenders may require a higher down payment or a higher interest rate, but they can help borrowers obtain a mortgage.
How to Find a Mortgage Lender for a 615 Credit Score?
The best way to find a mortgage lender for a 615 credit score is to do your research. Look for lenders who specialize in working with borrowers with lower credit scores. You can also speak with a mortgage broker who can help you find a lender who is willing to work with your credit score.
What Are Some Mortgage Lenders for 615 Credit Scores?
Here are some mortgage lenders who are willing to work with borrowers with a credit score of 615:
- Quicken Loans
- Navy Federal Credit Union
- Bank of America
- Chase Bank
- Citi Mortgage
What Are Some Tips for Improving Your Credit Score?
If you have a credit score of 615, you may want to work on improving your credit score before applying for a mortgage. Here are some tips for improving your credit score:
- Pay your bills on time
- Reduce your credit card balances
- Don’t apply for new credit
- Check your credit report for errors
- Set up automatic payments
Conclusion
Getting a mortgage with a credit score of 615 may seem challenging, but there are mortgage lenders out there who are willing to work with borrowers with lower credit scores. Do your research, speak with a mortgage broker, and work on improving your credit score to increase your chances of obtaining a mortgage.