If you are looking for getting a mortgage with a credit score 500 which is below 600 your only chance of finding a mortgage with low credit scores that are below 600 is through lenders who specialize in bad credit mortgage loans and saving up a large down payment. In the past you could get a descent home loan with a credit score in the mid-600 point range. Now, after the crisis, getting a mortgage for bad credit is nearly impossible. Banks adjusted what their limitations were, which means your credit score must be higher. Today, you need about a 760 credit score for the same loan you could get with a 720 credit score in the past.The good news is if you are buying a new home or need to refinance, getting a mortgage for bad credit is not all that difficult – even in today’s market. That’s because raising your credit score is an incredibly easy thing to do. It may sound like a scary thing with big, harsh words like, “dispute,” but moving your score up a hundred or more points is amazingly simple.The credit score is that alluring little three digit numbers that tells potential lenders and creditors how much risk it will be to take on you on as a client. If people knew more about their credit scores, it is likely they would be more careful with their credit as a result.Don’t max out your credit cards. If you don’t like writing checks, go online and automate your bill paying. Paying by the due date payments plus forking over credit well are merely a lot of the options persons could possibly take their credit worthiness towards the suitable degrees. Over time previous things that had a negative effect on your credit can go away or be removed.According to market analysts, a person with bad credit or credit score below 600 seeking a mortgage loan can expect to pay interest rates anywhere from one percent to three percent higher than someone with good or excellent credit rating.