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Can we get approved for a mortgage with low credit?
We have a large down payment of $110,000. But low cr scores of 486, & 543. How can we get approval to buy a home for $239,000
Asked By Chris Richard | New Iberia, LA | 18 views | Home Loans | 4 days ago
Answer(2)
Julianne Clark | Your Lowcountry Compass
Charter One Realty
Credit scores are based on a Buyers history of regular on time payments. You may need to work on boosting your credit score to qualify even for a $130K loan. Talk to a local hometown banks lenders or a credit unions. Sometimes in house loans base a borrows qualifications on non traditional sources or methods and vote for the approval.
- 23 hours ago
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Todd Bartusek
Berkshire Hathaway Home Services
Great question—and thank you for sharing the details. While your credit scores are on the lower side, a large down payment like $110,000 can definitely help improve your chances of approval, even with traditional lenders.
Here are a few things to consider:
Some lenders offer FHA loans with credit scores as low as 500 if you have at least 10% down.
Manual underwriting or specialized loan programs may be available through mortgage brokers or credit unions.
A strong down payment reduces lender risk, which may open the door to non-conventional options or portfolio lenders.
I’d recommend reaching out to a local mortgage broker in your area—they can shop around with multiple lenders and may have more flexible options than a standard bank.
Wishing you the best of luck on your home buying journey—you’re closer than you might think!
— Todd Bartusek
Top 1% Omaha Realtor | Berkshire Hathaway HomeServices | All Metro Real Estate Group
- 23 hours ago
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