Posted on: 06th Apr, 2010 09:08 am
hey, im 21 and i bought a mobile home with 4 acres a little over a year ago. the company i bought it from wants me to refinance. i have never been late on a payment but my credit score is still relatively new....my score is only 594. but i have paid off all credit cards recently. really dont understand everything about credit scores and refinancing....can any one help me?
Hi kksmysteriousmiracle,
With a credit score of 594, it will be difficult for you to get a refinance. If you want to refinance with a conventional loan, you would require a score of 700-720. If you want a FHA loan, then you would require a score of 620. Unless you satisfy this criteria of the lender, there are less chances to get a refinance.
Thanks
With a credit score of 594, it will be difficult for you to get a refinance. If you want to refinance with a conventional loan, you would require a score of 700-720. If you want a FHA loan, then you would require a score of 620. Unless you satisfy this criteria of the lender, there are less chances to get a refinance.
Thanks