CREDIT SCORE BELOW 500

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Credit Score Below 500?

We do know of a few lenders for scores below 600. However, working with a credit score below 500 is a complicated task; especially in these volatile times.

Often a "free" credit correction done by a "credit experienced" mortgage professional can bump the score back up above 500.

1-631-486-3735 to reach a mortgage specialist "on call".


In some cases, a low debt ratio, low “loan to value” ratio and certain other compensating factors; and with an automated approval from the industry standard “desktop underwriting”, a score below 500 can be approved.

FHA for example has no official guideline to restrict a score below 500. However, virtually all FHA mortgages today require meeting 2 sets of guidelines. Firstly, FHA mortgage approvals must meet FHA guidelines. Secondly they must meet the guidelines of the lender's actual money source; such as Wall Street, hedge fund, or other 3rd party investor.

Today there are very few known lenders to work with credit scores below 600; notwithstanding anything below 500.

Purchase mortgages at the very lowest we've seen require a minimum 531 score; with refinances going as low as the 500 mark.

If you were to overcome all of the initial boundaries of credit score, with a 500 score. your housing payment history would need to be perfect for a purchase. Perhaps 2 x 30 over past 24 months would be acceptable for a refinance. but you would need to have a good reason and provable reason for those 2 late payments. Ironically though, interest rates are very good these days on even the very lowest of scores because of FHA, other Federal and per local state compliance put on lenders. So the lower scores usually see rates only about ½ of a percent to perhaps one full percent higher than homeowners or homebuyers with perfect credit.

If your credit score is below 500; and a reasonable mortgage payment history is showing on your credit, then you'd probably need to do some work on your credit. Sometimes there are quick fixes, sometimes repairing credit is a long and frustrating task. However, knowing what is most important to repair and/or knowing what is actually able to be repaired, can make the difference between accomplishing your goals or otherwise frustration, discouragement and/or failure.

Here are 2 suggestions:

Complete a contact form so that an eMortgage credit consultant can make some suggestions specific to your particular situation. Maybe we can guide you about how to raise your credit score.

Purchase an inexpensive eBook from eMortgageSolution.com that explains how to partially repair your credit, enough to qualify for the financing you seek.


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Last Update 04-14-2017