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Mortgage Rates

Do mortgage rates vary depending on a persons credit score, like when applying for an automobile loan? I have been working on my FICO score, it's up slightly in the last 6 months, 440 to 510. Can I get approved with 510, income at $47k, plus annual bonus. I've paid down most my debt, mostly school loans and my auto loan and 5 credit cards. by mcast484 from Pahokee, Florida. Feb 1st 2019 Reply


RJ Hartnett (RJHartnett)
#833 ranked lender in California - 7 contributions

Sure. We can do a 510. Are you looking to buy a home? If we can't get it done now, we can tell you what you need to do to get approved.

Feb 1st 2019
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RJ Hartnett (RJHartnett)
#833 ranked lender in California - 7 contributions

Text 6572310200

Feb 1st 2019
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Barclay Butler (Barclay)
#84 ranked lender in Illinois - 73 contributions

With a 510 credit score you will need at least 10% - 20% down.If you get your score above a 580 youi would only need 3.5% down. I can help you get your score up. Please call text, or email me. 224-420-9990, bbutler@barclaybutlerfinancial.com. Barclay Butler

Feb 2nd 2019
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

YES, mortgage rate vary greatly depending on scores, programs, down payments, and more. A 510 is a very poor score. Super hard, but you may find a loan with that score and a very large down payment. You would be better served by improving your score to at least 620 before applying for financing.

Feb 2nd 2019
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. rates are driven by your past payment history as well as other factors such as how much you are putting down, the property type (single family home, condo, manufactured, etc) and occupancy (owner/occupied, rental, 2nd home).. With a 440 to 510, you must have some major derogatory credit on your report, and it's unlikely you will find financing. There are lenders out there that advertise they can lend down to 500, but let me caution you so you don't get your hopes up.. Very few lenders lend down to 500, and for those that do, the lower the score the more strict the guidelines, and few that apply actually get approved. I have 3 lenders who advertise scores down to 500.. I've submitted close to 15 loans to them.. and not one got approved. Its best you work on getting your credit repaired, then go and apply.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 4th 2019
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