Can You Get a Mortgage with a Low Credit Score of Below 350?

Exploring Alternative Options for Homeownership

A low credit score can be a significant obstacle when it comes to obtaining a mortgage. A credit score below 350 is considered to be very poor, and it can make it difficult to find a lender who is willing to work with you. However, it is not impossible to get a mortgage with a low credit score. It just requires a little more effort and exploration of alternative options.

One option for homeownership with a low credit score is to work with a specialist lender like Mortgage Street. They offer Receptive II & III products that can assist borrowers with credit scores below 350. These products may come with higher interest rates and more restrictive terms, but they can be a viable option for those who have been denied a mortgage by traditional lenders.

Another alternative option for homeownership is to consider alternative forms of financing. These types of loans are designed for low-income borrowers, and they may have more lenient credit score requirements. Additionally, some lenders might work with you on a “non-conforming” loan, which is a loan that doesn’t meet the standard requirements of the major banks.

In summary, obtaining a mortgage with a low credit score below 350 can be challenging, but it is not impossible. Exploring alternative options like working with a specialist lender like Mortgage Street or considering alternative forms of financing can help increase your chances of homeownership. If you are thinking of buying a home and have a low credit score, consider contacting one of Mortgage Street’s accredited mortgage brokers. They can help you understand your options and guide you through the process of applying for a mortgage.