Having a less-than-perfect credit score doesn't mean homeownership is out of reach. Several loan programs exist specifically for borrowers with bad credit. FHA loans accept scores as low as 500, while Non-QM lenders use alternative qualification methods to consider your overall financial health.

At NMHL, our experienced loan officers work with you to identify the best mortgage program based on your specific situation. We evaluate your entire financial picture, not just your credit score, to determine the most suitable options.

FHA loans are government-backed and designed to help borrowers who may not qualify for conventional financing. They accept credit scores as low as 580 with 3.5% down or 500 with 10% down. This makes homeownership more accessible to borrowers with credit challenges.

• Low credit requirements: Scores as low as 580 accepted
• Low down payment: 3.5% down for qualified borrowers
• Government-backed insurance: Reduces lender risk

Non-QM loans provide flexible underwriting that looks beyond your credit score. These lenders consider bank statements, assets, and overall financial health rather than relying solely on traditional credit metrics. This makes Non-QM loans an excellent option for self-employed individuals or those with non-traditional income documentation.

At NMHL, our loan officers are experienced in guiding borrowers through the Non-QM loan process, helping you understand the available options and required documentation.

While it's possible to get a mortgage with bad credit, improving your credit score can lead to better rates and terms. Focus on paying bills on time, reducing credit card balances, and disputing errors on your credit report. Even small score increases can make a significant difference in your mortgage options.

NMHL loan officers can provide personalized credit improvement plans to help you qualify for better mortgage rates in the future. We'll work with you to develop a strategy that fits your financial situation and goals.