Low credit score of 570. Can I get a $150000 second home loan?

For a true second home you are going to have to put a minimum of 20% down and have credit score of at least 620 to qualify for conventional funding. FHA does not write second home loans so I disagree with the other lenders advice. Hard money is going to be very exspensive 50-50% loan to value 12-17% interest rate and 4-6 points- better off working on repairing your credit! Call me if you would like a reputable company for credit repair!

The second home purchase price is the 150k? Even with your credit as is, you would be able to get a loan, using private money, as long as you have enough equity and can prove your income. Other than that, being a second home, it would be tough to get traditional financing. You might be able to get a FHA loan, only if you have not missed ANY payments in the last 12 months. For private money, you would be paying a higher rate, and fees, but would be your last resort. If the payment is comfortable, to own two properties, then you can use the money to purchase, and in a year or so, you would be able to refi into a traditional loan. Also you want to look into repairing your credit, so you would be able to obtain regular financing. Keep any open balance, under 40% of the credit limit. Good luck

You are really close to being able to make that work. I'd love to speak with you and see about getting this loan done for you. Pleas feel free to call me to discuss further. 816-569-1436 office.