At the end of the day, it’s persistence and organization that wins out. Not glamorous, but it works.
This is spot on, but I’ll add—don’t let lenders make you feel like you’re asking for a handout. With a 670, you’re not some financial trainwreck. I refinanced with a similar score last year. It took some extra paperwork and I had to shop around, but in the end, it worked out. Just be prepared for the “prove yourself” routine... they love that.
Persistence and organization definitely matter, but I’ll be honest—sometimes it feels like lenders are just looking for reasons to say no, especially if your credit isn’t squeaky clean. That “prove yourself” routine is real. Here’s what I’ve seen (and dealt with):
- 670 isn’t bad, but it’s not “prime” either. Lenders will act like you’re a risk, even if you’ve never missed a payment in your life.
- They’ll ask for every document under the sun. Bank statements, pay stubs, explanations for any weird blip on your report... it gets old fast.
- Shopping around helps, but it’s exhausting. Some places flat-out said no, others wanted higher rates or bigger down payments. It’s a grind.
But yeah, you’re not asking for charity. You’re a customer. They want your business, even if they pretend otherwise. I had to remind myself of that more than once when I was knee-deep in paperwork.
One thing I’d add: don’t take their attitude personally. It’s just how the system works. I got approved eventually, but only after jumping through more hoops than I thought possible. The key was not letting the process get to me—even when it felt like they were inventing new forms just to mess with me.
Bottom line: it’s doable with a 670, but expect some hassle. Stay organized, keep your cool, and don’t let them make you feel like you’re lucky just to be considered. You’re bringing something to the table too.
“They’ll ask for every document under the sun. Bank statements, pay stubs, explanations for any weird blip on your report... it gets old fast.”
Yeah, I hear you. Lenders love their paperwork—sometimes I swear they’d ask for your childhood report cards if they thought it’d help them sleep at night. Here’s what’s worked for me:
- 670 is workable, but expect higher rates and stricter terms. They’re not shy about that.
- Cash reserves matter more than you think. If you can show some cushion, it helps offset the credit “meh.”
- Rental income projections can tip things in your favor, but only if your numbers are super tight.
It’s a pain, but if you treat it like a business deal and keep emotion out of it, you’re less likely to get burned out. Just don’t be shocked if they want to know what you had for breakfast along the way...
Had to laugh at the “what you had for breakfast” bit—feels true. When I bought my first rental, my credit was in the low 670s and I thought I was prepared. Nope. They flagged a $200 Venmo transfer from my buddy and wanted a letter about it. My advice: keep a folder with every possible doc, and don’t take the questions personally. It’s not fun, but it’s doable if you’re organized. Just don’t expect any shortcuts.
Yeah, the documentation rabbit hole is wild. I remember when I refinanced my duplex last year, my credit was sitting around 690—decent, but not stellar. I thought having a few years of rental income history would make things smoother, but nope. The underwriter wanted explanations for every deposit over $100 in my checking account for the past three months. I had to dig up an old PayPal receipt for splitting groceries with my sister and write a letter about it. Felt like I was on trial for buying eggs.
I totally get what you mean about not taking it personally. At first, I was frustrated, but after a while, you realize the lenders are just covering their bases. Organization really is key—having a folder (digital or physical) with pay stubs, tax returns, leases, and even random Venmo screenshots saved me a ton of time.
One thing I’m curious about: did anyone else run into issues with “seasoning” funds? When I moved money from my savings to checking for the down payment, they wanted proof that it wasn’t a loan or some mystery gift. Had to show statements going back months. It’s wild how much they care about every dollar moving around.
Did you find the process any easier after your first rental, or does it always feel like jumping through hoops? I keep thinking maybe once you’ve got a couple under your belt, they’ll chill out... but not sure if that’s wishful thinking.
