Can I Get a Mortgage with a Low Credit Score?

5 min read

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Life, maybe, hasn't always been the easiest for you and your finances. That doesn't mean you shouldn’t be able to buy a home. At Cake, we know you’re not just a number. That’s why we proudly advertise that we’re a mortgage lender for people with poor credit. We think everyone deserves a chance to become a homeowner.

What Kind of Mortgage Loan Options are there for Low Credit Scores?

Don't let your score keep you in the dark about knowing what resources you have at your disposal. Here are three options that may help you as you reestablish your credit.

1- Manufactured Home Loan
You may not realize this, but states do not consider manufactured homes as traditional stable houses. Instead, states consider mobile homes as personal property because they are movable at any time. Therefore, if you have poor credit, mortgage lenders are willing to offer you a loan for this kind of house.

The impact of bad credit on a manufactured home loan doesn't hit like it would for a traditional house because qualifying for a personal property loan is different from a home loan. You don't have the risks and capital invested in the land as you typically would. Even with your bad credit, you can look for a comfortable first home like a mobile home to start living the homeowner life!

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2- Veterans Mortgage Assistance
As a veteran, you have the opportunity through the Veterans Assistance Program to qualify for a home loan. This is an excellent opportunity to get a start on life after coming home from service. The VA handles most of the paperwork and interest on these loans. They charge 3.3% interest on the loan, but you are eligible to take a 103.3% loan out to wrap it all together. You also have no down payment.

If you have struggled to make ends meet or have seen low credit scores follow you after your service, give our poor credit mortgage lenders a chance to help you find the resources to start fresh with a VA loan.

3- FHA Loan
FHA loans are government-backed mortgages sponsored by the Federal Housing Administration (FHA). They’re designed to make mortgages accessible to people with poor credit, by accepting lower credit scores and requiring less money down. However, as a tradeoff, they come with an extra insurance payment that borrowers must pay over time on top of their other mortgage costs.

We’re happy to run the numbers for you and see if an FHA loan makes sense for your specific financial situation. Just give us a call at 833-818-2253.

Get Your Mortgage with Cake

There is no better way to start your home loan journey than with a slice of Cake. If you have bad credit, consider an FHA or a manufactured home loan. Allow us to help you find resources and start the process for your veterans' mortgage assistance. Poor credit doesn't scare this mortgage lender away. We give you an easy process so you have the opportunity to celebrate in a new home.