Buying a home is one of the most significant investments that a person can make. However, for people with fair credit scores, getting a mortgage can be a daunting task. The good news is that many mortgage lenders are willing to work with people with fair credit scores. In this article, we will discuss some of the best mortgage lenders for people with fair credit.
What is a Fair Credit Score?
A fair credit score is typically between 580 and 669. This means that a person with a fair credit score may have a few negative items on their credit report, such as missed or late payments. While a fair credit score may not be ideal, it is still possible to get a mortgage with this type of credit score.
Best Mortgage Lenders for People with Fair Credit
Here are some of the best mortgage lenders for people with fair credit:
1. Quicken Loans
Quicken Loans is one of the largest mortgage lenders in the United States. They offer a range of mortgage products, including FHA loans, VA loans, and conventional loans. Quicken Loans has a minimum credit score requirement of 580, making them a great option for people with fair credit.
2. Carrington Mortgage Services
Carrington Mortgage Services specializes in helping people with less-than-perfect credit get approved for a mortgage. They have a minimum credit score requirement of 550, making them a great option for people with fair credit. Carrington Mortgage Services also offers FHA, VA, and conventional loans.
3. New American Funding
New American Funding is another mortgage lender that is willing to work with people with fair credit. They have a minimum credit score requirement of 580 and offer a range of mortgage products, including FHA loans, VA loans, and conventional loans.
4. Caliber Home Loans
Caliber Home Loans is a mortgage lender that offers a range of mortgage products, including FHA loans, VA loans, and conventional loans. They have a minimum credit score requirement of 580, making them a great option for people with fair credit.
5. Bank of America
Bank of America is one of the largest banks in the United States and offers a wide range of mortgage products. They have a minimum credit score requirement of 620, but they may be willing to work with people with lower credit scores on a case-by-case basis.
Conclusion
Getting a mortgage with fair credit may seem like a daunting task, but there are many mortgage lenders who are willing to work with people with fair credit scores. Quicken Loans, Carrington Mortgage Services, New American Funding, Caliber Home Loans, and Bank of America are just a few examples of mortgage lenders that are willing to work with people with fair credit. By doing your research and working with a reputable mortgage lender, you can get approved for a mortgage and achieve your dream of homeownership.