Your credit is in the low 620s and you have a flip under contract. Here is how lenders look at that score, and how much cash you should plan to bring.
In short: Yes. 620 is the minimum credit score on our fix and flip programs, and no income verification is required. At that tier, expect leverage on the purchase to be trimmed from the top-tier 90%, often to around 80–85%, while rehab can still be funded at up to 100% on many programs. Experience, the deal’s margin and your cash on hand carry as much weight as the score.
A flip loan is short-term and secured by a property you are improving. The lender’s main questions are whether the deal makes sense and whether you can finish it.
That puts the after-repair value, the rehab budget and your track record at the center of the file. Credit sets the tier, but a strong deal at 620 often beats a weak deal at 740.
This example is illustrative. You are buying a house for $200,000 with a $60,000 rehab and an after-repair value of $360,000.
| Item | Top tier | 620 tier |
|---|---|---|
| Purchase funded | 90% = $180,000 | 85% = $170,000 |
| Rehab funded | 100% = $60,000 | 100% = $60,000 |
| Total loan | $240,000 | $230,000 |
| Loan as share of ARV | 67% | 64% |
| Down payment | $20,000 | $30,000 |
| Plus closing and carry (est.) | $15,000 | $15,000 |
| Approximate cash needed | $35,000 | $45,000 |
The lower score cost $10,000 more in cash on this deal, not a decline. The rate will also be higher, which adds to holding costs over a six-month project.
Budget for that interest from day one. On a $230,000 loan, each extra month of holding time adds real cost, so a tight schedule and a contractor who shows up matter even more at the 620 tier.
Most programs also cap the total loan at a share of ARV, commonly around 70–75%. Here both tiers sit under that line, so the purchase percentage is the binding limit.
Many programs set terms by both credit and experience. A borrower with several completed flips in the last few years may get better leverage at 620 than a first-timer at 680.
Document your track record: settlement statements from purchases and sales, before and after photos, and the dates. Even rentals you renovated can count on some programs.
If you are newer, consider bringing in a partner with completed flips as a co-guarantor. Programs often look at the strongest experience in the group, while credit tier may still follow the lowest score.
Leverage tiers, ARV caps and experience rules differ across programs, and that is where a 620 score feels the difference most.
Share the address, purchase price, rehab budget and ARV. Our financing team can bring you 2–3 options, often within 48 hours, so you know your cash to close before the inspection period ends.
Our fix and flip programs start at a 620 credit score. Higher scores generally earn better leverage and pricing.
Yes. Short-term fix and flip financing is available at 620, usually with somewhat lower purchase leverage than top-tier borrowers receive.
No income verification is required on our fix and flip programs. The deal, your experience, your credit and your liquidity drive the decision.
It is possible, though terms will be more conservative. A strong deal, solid reserves or an experienced partner can make a big difference.
Closings can happen in as little as 10 days when the file is complete. Credit tier does not usually change the timeline much; documents and title do.
Often, yes. Many programs still fund up to 100% of rehab at 620, with the reduction showing up on the purchase side instead.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.