Credit unions, mortgage lenders and community banks, however, have a reputation for helping buyers with mediocre or poor credit scores. For example, navy federal credit union has no minimum credit.

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Can you refinance your mortgage with a low credit score? The answer is yes – and maybe it’s even more likely today than just a year ago. MORE: Best refinance lenders for low credit score.

One of the tools people can use to help to manage their expectations relating to home price is a mortgage calculator. A mortgage calculator is a simple tool that helps people figure out what their monthly mortgage payment will be by inputting pieces of information.

But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

You can sometimes get a "free" FICO score by subscribing to a credit reporting service, but since you’re paying for that, it isn’t really free. The credit reporting agencies will often include a credit score with your free credit report, but be aware that won’t be a FICO score, which is the one mortgage lenders typically use.

If your credit is less than stellar, you may have trouble qualifying for a lower interest rate in the first place, as lenders offer their best rates to low-risk borrowers who have higher credit scores. Conventional mortgage lenders require a score of at least 620 for approval and some may have even stricter minimums.

Credit score requirement: Allowance for less-than-perfect credit. Ditech could be considered one of the best mortgage lenders for poor credit, including its FHA-banked options. Ditech offers FHA home loans for customers with less-than-perfect credit scores, including options that require a down payment as low as 3.5 percent.

Bad Credit Mortgages . The bad credit mortgage is often called a sub-prime mortgage and is offered to homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan.