The Top 5 Home Loans Lenders for Bad Credit

1. Lending Tree

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Although Lending Tree primarily operates as a broker rather than a direct loan provider, it has facilitated over $250 billion in loans, handling more than 55 million requests through its platform to date. The platform streamlines the loan application process, enabling customers to submit home loan applications and receive offers from interested lenders in less than ten minutes. Various loan programs, including Veterans Affairs (VA) loans, Federal Housing Administration (FHA) loans, Fannie Mae HomeReady loans, and USDA loans, are available for customers to apply for.

According to Lending Tree, FHA-backed loans offer greater flexibility and affordability compared to traditional bank loans. These loans are accessible to individuals with a minimum credit score of 500. Additionally, VA loans, USDA loans, and Fannie Mae HomeReady loans are all accessible to individuals with a minimum credit score of 620.

2. Quicken Loans

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Quicken Loans stands as one of the top mortgage lending companies in the United States. On its platform, mortgage loan applications usually take approximately six minutes, and down payments can be as low as 3.5%. The company extends FHA loans to customers with credit scores as low as 580. For other types of mortgage loans offered, customers need a minimum credit score of 620, provided they have a favorable debt-to-income (DTI) ratio.

3. Wells Fargo

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As one of the largest banks in the United States, Wells Fargo offers home loans to customers, even those with credit scores below 620. Home loan applications on Wells Fargo’s platform typically take around six minutes. The bank provides various loan options, including FHA loans, VA loans, USDA loans, and Union Plus home loans, catering to needs such as home buying, mortgage refinancing, and home improvements. FHA-backed loans require down payments starting from 3.5%, while down payment requirements for other loan categories vary depending on factors such as the property’s location and value.

4. Bank of America

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Headquartered in North Carolina, Bank of America is a multinational bank offering various financial services. The mortgage application process typically takes approximately nine minutes. The bank specializes in providing FHA-backed and VA loans, catering to applicants with lower credit scores, with zero down payment requirements for all eligible borrowers.

However, it’s important to note that interest rates may be higher for customers with lower credit scores and can vary based on factors such as the property’s location and value. Therefore, it’s advisable to carefully review mortgage rates based on your individual circumstances.

5. Citi Mortgage

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Citi Mortgage offers solutions for home loan applicants with poor credit scores, providing FHA-backed loans and HomeRun mortgages. FHA loans are accessible to customers with bad credit scores, requiring down payments below 20%, while HomeRun mortgages feature flexible credit guidelines and demand 3% down payments. Monthly payments and interest rates are contingent on factors such as property location, value, and the repayment period.

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