What lender can I use with 575 FICO

I’m a new to RE with a poor credit score. I currently working on that. However we (husband) and I are creating a LLC with Father and Mother In-Law (very good credit and Cash). Since my credit is so poor what lender will consider me alone. Then second question what lenders may consider us together.

what are you looking to do?


I just realized how incomplete my post was.

We are looking to fix & flip and also hold some properties. Ideally we would like a revitalize a certain community street. I have been reading books and the board for about 4 - 5 months. I have done some bird-dogging (I mean 1 referral) & would like to do more as I build my credit. I have been to REI meetings, soon I’m going to join I work about 32 hrs per week on my day job during the meeting times of course. I personally would be willing to use HML however using my In-Laws I think it may not be necessary. Father - In is will to be a gaurantee on the loan through Finance Company, Bank, etc…

In short what lenders are will to work with my credit score and with us as an LLC.

Thanks for the response. And to all thanks for the information thus far.

There are a variety of lenders that will work with your credit scenario. It just depends on the parameters of the loan.

If it is Owner Occupied then you should not have a problem doing 100%.

I’m looking in to buy in Cleveland SFH or Multi unit for about $50-75K including repair cost - Initially

My question is should I buy my owner occupied home first (not willing to move to back to the city of Cleveland). And could I alone with 575 FICO get finanaced. Which Lenders offers assistance to poor credit scores individuals.

for an owner occupied property you could get 100% with a 575 FICO

There are subprime mortgage lenders that cater to poor credit. Your interest rate will be high of course. You can do a search on “bad credit home loans” and see what you find.

There are multiple lenders who are subprime…yes granted the rate will be slightly higher than a prime loan but Not ugly.

What is your loan amount? That should shed some more light…


It will be owner occuiped willing to offering

Purchase Price $ 90,000
ARV 145,000 (only comps not appraisal)
Repair Cost 12,000
Not sure of how to calculate costing and other expense cost yet.

I can get an 80/20 loan credit score is currently 630
I need an HML for the rehab. I will need 75% LTV then I will refinance with the currently 80 (9.5% interest rate) 20(14.25%) loan already approved. Also how much up front money will a HML look for in the being? Any suggestions will help. A How does the draws work with some work to be completed by us?

Please help!!!

Is your score 575 as stated in your first post or it has changed to 630?

How much documentation can you show on income and/or assets?

The current average is 630

To clarify I do have an approval for a 80/20 loan but need the HML for the rehab.

no assets and income for myself is low only work part time. I’m using stated income from my husband.

With the HML normally they ask for anywhere between 5-10 pts and they have a high interest rate…they do draws in which you don’t get all the money up front but comes in phases…depending on how much experience you have the HML will allow you to do the work yourself.

Let build up your credit first.