There are a variety of home loan options for borrowers with poor credit:
FHA Loans – FHA loans are government-backed mortgages that can be accessed with a credit score as low as 580. FHA loans require mortgage insurance for some or all of the term of the loan.
Conventional Loans – Even if you have low credit or have experienced credit events like bankruptcy, foreclosure, or short sale, there may be a standard conventional loan available to you. Depending on the size of your down payment, you may be able to avoid mortgage insurance.
Other Products – Newfi has access to other affordable loan programs allowing credit scores as low as 600.