Getting Financing with low credit score

I was advice by a realtor to start contacting banks to let them know that I was in the process of purchasing investment properties, and need to know what steps should be taken should I find a property of interest?

The first bank that I contacted told me that they would not be able to work with me because my credit score was too low- 630, so they would not be able to give me a construction loan. I do have $ that could pay off my debt, but I thought maybe I should use that $ to start investment.

Please advice on what you thing I need to do before starting to look for property, or please provide me with the name of a lender(s) who might be able to help me get financing.

A 630 score is not BAD. Don’t just pay off your debts—some of the debt is helping your credit score. I never recommend paying off debt as a first step.

Do you own a home??? You can get 100% financing on a purchase down to a score of 580 (or lower), owner occupied. If you have a specific property example, lets go over it–email me.


what type of property are you looking to purchase. depending on the type and the numbers you my be able to get financing even with shaky credit. how much do you have for down payment, look into income producing property like Multi family (25+) let the property get the financing.

Where are you? Don’t make the mistake of shopping from lender to lender. Each time your credit is pulled, it drops your score. 630 is a good score.

Thanks. I am in Georgia. However, I have not tried another lender yet. But I would like to locate a lender(s) who I can get financing from. Do you think that I should go to a bank or try to get hml?


Hard money is very expensive and should always be used as a last resort. You might want to first explore what your options are with conventional lenders. I work for a mortgage bank in Georgia. I have a computer program that can use your credit score as it is (without pulling your credit report) and run several scenarios. This will give you an idea as to what to expect from conventional lenders. You need to know what conventional lenders will do before you jump into HML.

Hello, Loanman is correct. It is the same advice that I always give out to the posting.

You definitely want to try conventional financing. As loanman mentioned, the HML’s will not want as much personal information but the rate will be much higher than the going rates.

Find a good mortgage broker that can do loans in GA.

If you are having difficulty finding brokers in GA Let me know. I will give you the contact #'s for a couple that I have worked with before.

shopping for a mortgage loan wont hurt your credit. A home purchase is not like a auto purchase. When you buy a car, they blast your info to 30 different lenders. THAT drops your score. Shopping for a mortgage is treated differently. If you shop for several different mortgages with a 45 day period, your score will not be effected.

Look at your reports, a 630 could probably be turned into a 680 with minimal effort. There are probably several mistakes on your reports that can be fixed within 2 weeks.

you can easily get a mortgage with a 630 score. I dont know what bank told you that but you dont need their business OR they dont know how to do business. either way find another bank they dont deserve your business

Is your luck getting any better SOURCE? ???

I know of a company that I have worked with before in GA. Try Infinity Commercial

I have closed a few loans with them in the past. I believe they are also nationwide. My projects were in the 1.5m to 5m range. If I’m not mistaken they do properties 500k and over.

Another suggestion would be Silver Hill Financial

I have closed one project with them before. I want to say and don’t quote me please, they do loans over a mil. Not located in GA but are also nationwide.

Hope to be of help. Good Luck!

ADDED Both work with a 630 Score.

I must have missed something. I thought that we were talking about investment properties…conforming and HML’s