Posted on: 13th Jun, 2010 01:07 pm
I have a private lender motgage that balloons in December. I have been lookin and everyone says at least a 580. I have a 622 with experian and a 574 with trans union equifax not rporting which is probably A good thing cuz they always lowest for me. Is there anyone that will refi a 574?
hi chrsyal,
welcome to this community :)
i am afraid that it won't be possible to qualify for a refinancing of your mortgage with a low score. to get a loan, you need to have minimum score of 620, that too for government loans. the higher the score, the better the loan offer.
you will have to improve your credit score in order to refinance. however, if you need to refinance immediately you may get somebody else with a good credit score to co-sign your loan.
thanks,
sandra
welcome to this community :)
i am afraid that it won't be possible to qualify for a refinancing of your mortgage with a low score. to get a loan, you need to have minimum score of 620, that too for government loans. the higher the score, the better the loan offer.
you will have to improve your credit score in order to refinance. however, if you need to refinance immediately you may get somebody else with a good credit score to co-sign your loan.
thanks,
sandra
How much equity do you have in the home. There are lenders that will finance a person with a sub 580 credit score but, you'll be required to have more than 10% equity in your home.
There are banks who will refinance a loan into an FHA product with scores that low. It all depends upon where you are located.
Hi,
There are banks who re-finance with a low credit score. All you need to do is a market research. But I would suggest you to wait for sometime and try to improve your credit score first to at least 680-700 in order to get better option.
There are banks who re-finance with a low credit score. All you need to do is a market research. But I would suggest you to wait for sometime and try to improve your credit score first to at least 680-700 in order to get better option.