If you have a bad credit score, it can be difficult to find a lender who is willing to work with you. Many lenders consider bad credit as a risk and may refuse to lend you money. However, there are some mortgage lenders who specialize in working with people who have bad credit. In this article, we will discuss the best mortgage lenders who work with bad credit.
1. Carrington Mortgage Services
Carrington Mortgage Services is one of the best mortgage lenders for people with bad credit. They offer a variety of loan programs that cater to people with low credit scores. Carrington Mortgage Services also has a reputation for working with borrowers who have had financial difficulties in the past.
They offer both FHA and VA loans, which can be a great option for people with bad credit. FHA loans have lower credit score requirements compared to conventional loans. VA loans are available to veterans and active-duty military members.
2. Quicken Loans
Quicken Loans is another great option for people with bad credit. They offer a variety of loan programs that cater to people with low credit scores. Quicken Loans also has a reputation for working with borrowers who have had financial difficulties in the past.
They offer both FHA and VA loans, which can be a great option for people with bad credit. FHA loans have lower credit score requirements compared to conventional loans. VA loans are available to veterans and active-duty military members.
3. New American Funding
New American Funding is a mortgage lender that specializes in working with people who have bad credit. They offer a variety of loan programs that cater to people with low credit scores. New American Funding also has a reputation for working with borrowers who have had financial difficulties in the past.
They offer both FHA and VA loans, which can be a great option for people with bad credit. FHA loans have lower credit score requirements compared to conventional loans. VA loans are available to veterans and active-duty military members.
4. Wells Fargo
Wells Fargo is a well-known bank that offers mortgage loans to people with bad credit. They offer a variety of loan programs that cater to people with low credit scores. Wells Fargo also has a reputation for working with borrowers who have had financial difficulties in the past.
They offer both FHA and VA loans, which can be a great option for people with bad credit. FHA loans have lower credit score requirements compared to conventional loans. VA loans are available to veterans and active-duty military members.
5. Bank of America
Bank of America is another well-known bank that offers mortgage loans to people with bad credit. They offer a variety of loan programs that cater to people with low credit scores. Bank of America also has a reputation for working with borrowers who have had financial difficulties in the past.
They offer both FHA and VA loans, which can be a great option for people with bad credit. FHA loans have lower credit score requirements compared to conventional loans. VA loans are available to veterans and active-duty military members.
6. LendingTree
LendingTree is a great option for people with bad credit who want to compare multiple lenders. LendingTree is an online platform that allows you to compare different lenders and loan programs. They work with a variety of lenders who specialize in working with people who have bad credit.
You can fill out a loan application on their website, and they will match you with lenders who are willing to work with you. This can be a great way to find the best mortgage lender for your needs.
Conclusion
If you have bad credit, it can be difficult to find a mortgage lender who is willing to work with you. However, there are mortgage lenders who specialize in working with people who have bad credit. Carrington Mortgage Services, Quicken Loans, New American Funding, Wells Fargo, Bank of America, and LendingTree are all great options for people with bad credit.
Before you apply for a mortgage, make sure you understand the terms and conditions of the loan. Make sure you can afford the monthly payments and understand the interest rate. With the right lender and loan program, you can still achieve your dream of homeownership, even with bad credit.