Traditional banks typically require a minimum score of 620 or higher for a conventional mortgage. FHA loans backed by the federal government may allow scores as low as 500 with a higher down payment. Vendors in our network have their own individual requirements, so submitting a request is the quickest way to find out what options are available to you.

Generally, a lower credit score means a higher interest rate on your loan because lenders see more risk. This translates to higher monthly payments and more paid in interest over the life of the loan. That is why taking steps to improve your credit before applying, even by a small amount, can make a meaningful difference.

Down payment requirements are set by individual loan vendors, not by TheFinastra. Some loan programs require as little as 3% to 5% down, while others, especially for borrowers with poor credit, may require more. Government-backed FHA loans generally require 3.5% down for qualifying borrowers.

After matching, a loan vendor may ask for documents such as recent pay stubs, two years of tax returns, bank statements, proof of residence, and identification. Having these ready in advance can speed up the process.