Can I get a low rate with a credit score of 560?

there are lenders out there who will go below the usual 620-640, however there are a few key things to understand... first, if your score is below 580, FHA is your only hope and they would require 10% down payment... 2nd, it takes more than a credit score to obtain a mortgage.. job, job type, income, income type, past credit history, derogatory credit type.. etc.. all are considered when applying for a mortgage.. I've had borrowers with a 760 credit score not get approved.. so it's not just a credit score.. and 3rd.. why is your score so low.. if you have had a foreclosure, judgments, unpaid student loans, or unpaid taxes.. all of these issues can result in a denial, regardless of your credit score.. if you want to know for sure if you qualify or what steps would be necessary to obtain financing in the future, you should contact a local mortgage broker (not a bank), and let them look at your complete profile.. only then will you know for sure.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Hi stinkbug, Unfortunately, many lenders will require a credit score of at least 620. You may be able to find a lender willing to work with you at 560, but it won't likely be at the lowest rates available because the risk is a little higher for that lender.

Hi stinkbug, Unfortunately, many lenders will require a credit score of at least 620. You may be able to find a lender willing to work with you at 560, but it won't likely be at the lowest rates available because the risk is a little higher for that lender.

i would be more worried about getting approved.

Work on your credit, with a goal to raise it to 620.