Top Mortgage Lenders for Bad Credit: Rates, Terms, and More
“Top Mortgage Lenders for Bad Credit: Find the Best Option for You”
If you have bad credit and are looking to buy a home, the process can be daunting. However, there are lenders out there who are willing to work with applicants with poor credit or no credit at all. CNBC Select has done the research and identified the top mortgage lenders for borrowers with bad credit. Here are some of the best options:
1. Rocket Mortgage: Best for flexible terms
Rocket Mortgage is a standout choice for those seeking flexibility in their mortgage options. They accept applicants with credit scores as low as 580, which is lower than the industry standard of 620. With their Fresh Start program, applicants can boost their credit scores before applying and put down just 1% with the Rocket ONE+ mortgage.
2. Navy Federal Credit Union: Best for military and veterans
Navy Federal Credit Union offers home loans to active-duty military, veterans, and their families. They consider non-traditional credit sources and banking history for existing customers. With benefits like a 0% down payment for most loans and up to $9,000 back through their RealtyPlus program, Navy Federal is a great option for those in the military community.
3. Citibank: Best for no private mortgage insurance
Citibank’s HomeRun loan allows borrowers to put as little as 3% down without private mortgage insurance. They offer benefits like a $7,500 closing grant and a Lender Paid Assistance program for eligible borrowers. Citibank customers can also earn closing credits or rate reductions.
4. Guild Mortgage: Best for no credit
Guild Mortgage is a great option for borrowers with no credit history. They consider proof of on-time payments for rent, insurance, and utility bills instead of a traditional credit score. With their Zero Down mortgage and credit score requirements as low as 600, Guild Mortgage is a good choice for those looking to buy a home with no credit history.
5. CrossCountry Mortgage: Best for a quick closing
CrossCountry Mortgage prides itself on quick closing times, with most mortgages closing in as little as 21 days. They offer down payment grants and have a variety of tools available on their website to help borrowers navigate the mortgage process.
These top mortgage lenders for bad credit offer a range of options to help borrowers with less-than-perfect credit achieve their dream of homeownership. Whether you’re in the military, have no credit history, or need a quick closing, there’s a lender out there for you.
