Posted on: 25th Apr, 2010 08:40 pm
hi i have a 2004 4 bed room 2 bath doublewide on 12.25 acres and it appraised at 182,000 last year and i owe 69,000 i am trying to find a lender who will refinance and cash out for some consolidation of debt. my score is 616 via equifax and i get 1099"s for my income and my wife's score is around 680 to 700 with w2's we got really tossed around last year by a couple lenders who pulled our credit like 10 times so we gave up please let me know if there is someone who could help. thanks daniel
Welcome carchasn,
As you've equity in the property, you would be able to get a refinance. However, your score is too low for a conventional loan. You can check out if you can get a FHA loan for this purpose. However, your wife can apply for a conventional loan in her name. She might qualify for the mortgage refinance as she has a good credit score.
As you've equity in the property, you would be able to get a refinance. However, your score is too low for a conventional loan. You can check out if you can get a FHA loan for this purpose. However, your wife can apply for a conventional loan in her name. She might qualify for the mortgage refinance as she has a good credit score.