What is the best home loan for bad credit?

Here are 2020’s best home loans for bad credit: Rank Home Loan Our Rating 1 LendingTree 4.9 2 FHA Rate Guide 4.7 3 Wells Fargo Home Mortgage 4.5 4 Bank Of America Mortgage 4.4 Click to see full answer. Thereof, can I get a home loan with a 500 credit score?Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims.Similarly, are there any home loans for bad credit? The good news is that it’s definitely possible to qualify for a mortgage with an average or even poor credit score. In fact, government programs including FHA and VA loans, as well as lenders that specialize in lower credit such as Carrington and Quicken Loans, are making home loans for bad credit more accessible. Similarly, what is the easiest mortgage to qualify for? FHA loans: The federal Department of Housing and Urban Development (HUD) manages a mortgage insurance program operated by the Federal Housing Administration. FHA loans are some of the easiest mortgages to qualify for, especially as the down payment requirements are as low as 3.5%.How can I buy a house with bad credit and no money down 2019?FHA loans are the main option for home buyers with bad credit. If you have a 500-579 credit score you can qualify with 10% down. If your score is 580 or above you can qualify with just 3.5% down. While you need 3.5% down for FHA, they do allow 100% of the down payment to be a gift.