These are some of the best mortgage lenders for consumers with a 600 credit score.
Most mortgage lenders require a credit score of 620 to apply, and some only work with consumers with a 680 FICO credit score. However, few mortgage lenders open their doors to applicants Low credit scores.
The real estate expert we spoke to details some options for people with 600 credit scores. You will also learn what to consider when comparing mortgage lenders.
Quick Winners List
Best for New Home Buyers: New American Financing
Pros:
- Up to $7,500 to help with down payments, closing costs, or other initial expenses
- Down payments up to 3%
- Many loan options are available
cons:
- No quotes online
- It does not disclose interest rates online
New American Finance It offers up to $7,500 in assistance to first-time homebuyers, as well as various loan options. FHA loans are best for people who have Credit scores less than 600. However, building your credit score will help you qualify for more options.
For example, a mortgage lender offers interest-only mortgages with generous monthly payments for the first 5 to 10 years. You can also find other financial products such as non-QM loans, Mortgage refinancingSelf-employed loans, purchase loans and jumbo loans.
However, you must request a quote and fill out your information to find out your interest rate. The interest rate range is not publicly available on the website.
Best for seeing current prices: Guaranteed price
Pros:
- Rates are listed online for each of their loans
- Average national price fluctuations are displayed on the website
- Personal loans and reverse mortgages are also available
cons:
- Phone support is not available on weekends
- There is no information about fees
Guaranteed price It publicly displays the interest rates on its mortgages, which gives you an idea of what type of rate you will end up with on your loan. Furthermore, the company also displays historical data on changes in the national mortgage rate. You can access up to two years of data to reveal current mortgage rate trends.
You can also use the guaranteed rate of personal loans and reverse mortgages (if you qualify) to borrow additional cash. The mortgage lender offers conventional mortgages, VA loans, FHA loans, and jumbo loans. You can choose a term of 15 years or 30 years.
However, Guaranteed Rate does not have phone support on weekends. You can still contact them via email, but other lenders offer weekend support. You also won’t find information about lender fees on the website.
Best for Homeownership Agreements: Open
Pros:
- Take advantage of home equity without taking out a loan
- There are no monthly payments
- There is no impact on your credit score
cons:
- You cannot borrow more than $500,000
- Terms are limited to 10 years
to open Offers home equity agreements that allow you to take advantage of your home equity without making monthly payments. Instead of taking out a traditional loan, you are giving up an equity in your home. You can buy Unlock at any time, but the company limits the term to 10 years.
After 10 years, you have to make a large payment on the amount borrowed plus appreciation. You can choose a shorter period, but 10 years is the maximum. The main advantage of home equity agreements is that you don’t make any monthly payments, and accessing your equity won’t affect your credit score.
Best for term flexibility: SoFi
Pros:
- Choose from 10-year, 15-year, 20-year, and 30-year terms.
- As low as 3% down payment for first-time homebuyers
- SoFi closes mortgages faster than the industry average
cons:
- There are no physical branches
- There are no USDA loans
SoFi Mortgage is an online bank that offers several financial products, including high-yield savings and brokerage accounts. The company’s mortgages offer a lot of variety, with terms ranging from 10 to 30 years. You can also make a down payment of up to 3% if you First time home buyer.
However, SoFi does not offer USDA loans and does not have physical branches. While the lack of retail locations may deter some people, the company is steadily attracting younger customers. SoFi has over 10 million members, and faster mortgage closing times are one of the many reasons why.
What type of score is a 600 credit score?
A credit score of 600 is considered fair, but it may prevent you from getting conventional mortgages. Getting financing is still enough if you know where to look. You’re on the cusp of a 620 credit score, giving you more mortgage options. Building your credit score before applying for a mortgage is a good idea if you have the time.
What mortgages are available to people with a 600 credit score?
Although conventional mortgages are not available to people with a 600 FICO score, you can get creative. Adam Hamilton, CEO and Co-Founder Irrigation centershares some of the options that aspiring homebuyers have.
“If you have a credit score of 600, your best option for a mortgage may be to choose a nontraditional option. Most conventional mortgages have a credit score of at least 620. Some government-backed loans, such as FHA or Virginia loans, have lower limits or none at all.”
VA loans are very competitive, but you or your spouse must have served in the military to qualify for them. It is not for everyone.
FHA loans are becoming more accessible. You only need a credit score of 580 to put down up to 3.5%. You can still get an FHA loan with a credit score of 500 but you must make a down payment of at least 10%.
How to choose a mortgage lender
Choosing a mortgage lender comes down to narrowing down the list of viable options. A FICO score of 700 will give you more options than a credit score of 600. Once you find lenders who will offer you a loan, you can narrow your list based on the following factors:
- Interest rates: Lenders with lower interest rates are usually the best options. The only exception is if the low-interest lender has excessive costs and fees.
- Terms and Conditions: Can you get a mortgage during the right years and under reasonable conditions? Compare each lender to see which ‘fine details’ are most preferable.
- expenses: Origination fees, administrative fees and closing costs add up. You should also check if the lender has prepayment penalties and how high they are.
Why should you trust us?
Benzinga has been providing real estate financial content for over 15 years with the best experts. I’ve written for Benzinga for five years and am a Certified Personal Financial Consultant (CPFC). I also contribute to other financial publications, such as US News & World Report, Business Insider, and Newsweek.
methodology
We compared mortgage lenders based on their credit score requirements, rates, financial products, and other details. We also evaluated lenders based on the perks they offer borrowers and minimum down payment requirements.
Instructions
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Can a 600 credit score get a mortgage?
A
Yes. A credit score of 600 can get you a mortgage. However, you will likely have to take out a non-traditional mortgage, such as a VA or FHA loan.
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How big a loan can I get with a credit score of 600?
A
The size of your loan with a credit score of 600 depends on your debt-to-income ratio. The more income you make each month and the less debt you pay each month, the more financing you can get.
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Can I get an FHA loan with a credit score of 600?
A
Yes, you can get an FHA loan with a credit score of 600. You can make a down payment of up to 3.5% if you have a 580 FICO score. Borrowers with a FICO score of 500 can still get financing if they can put down at least 10% on their FHA loan.
sources
Hamilton, Adam. Personal interview with the author. March 5, 2025.
