Posted on: 12th Nov, 2008 02:31 pm
our lender is saying we need a credit score of 680 or higher in order to refinance our manufactured home. is this correct???
Hi Lhuff!
Welcome to forums!
Keeping the present market situation in mind, lenders have come up with new requirements to give loans. I think that is the reason why he is asking for a 680 credit score. However, I would suggest you to speak to some more lenders of your area and check the credit score they want for refinancing. If you get a better offer with any other lender, you can sign a deal with that lender.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Keeping the present market situation in mind, lenders have come up with new requirements to give loans. I think that is the reason why he is asking for a 680 credit score. However, I would suggest you to speak to some more lenders of your area and check the credit score they want for refinancing. If you get a better offer with any other lender, you can sign a deal with that lender.
Feel free to ask if you have further queries.
Sussane
Hi Lhuff,
Ever since the market has been through rising foreclosures with homes being upside down, lenders have tightened their lending standards. For any conventional loan, one has to have minimum of 680 credit score. It doesn't matter if it's a manufactured home or any other property. In fact, FHA loans which are not score driven require you to have at least 580 score. That's because lenders don't want to take the risk and get a hit on their business.
By the way, tell us more about your financial situation and credit profile. You can even seek a no-obligation free consultation on the right mortgage with our community lenders. The lenders will advise you on how to repair your credit (in case you have poor credit) and what loan program can be the best for you.
good luck
Ever since the market has been through rising foreclosures with homes being upside down, lenders have tightened their lending standards. For any conventional loan, one has to have minimum of 680 credit score. It doesn't matter if it's a manufactured home or any other property. In fact, FHA loans which are not score driven require you to have at least 580 score. That's because lenders don't want to take the risk and get a hit on their business.
By the way, tell us more about your financial situation and credit profile. You can even seek a no-obligation free consultation on the right mortgage with our community lenders. The lenders will advise you on how to repair your credit (in case you have poor credit) and what loan program can be the best for you.
good luck
What is the minimum credit rating required for refinancing a FHA loan for a home valued at 199,000 with only $25,000 left to pay? What would be the best option for such a refinancing? The past 12 months do not have a perfect record of paying the mortgage on time.
Hi Lois!
Welcome to forums!
In order to refinance your FHA mortgage, you will require a minimum credit score of 620. Apart from this, you should have equity in the property to get a refinance. However, you should note that if you are delinquent on your mortgage payments, the lender would not refinance the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In order to refinance your FHA mortgage, you will require a minimum credit score of 620. Apart from this, you should have equity in the property to get a refinance. However, you should note that if you are delinquent on your mortgage payments, the lender would not refinance the property.
Feel free to ask if you have further queries.
Sussane