Posted on: 30th Sep, 2013 11:26 pm
Hello there... I am in a confused state right now. I need to refinance my existing mortgage. But I have a credit score of 580. So, I am not sure if I can get the loan. Will MHA be a better option?
Hi Viber!
Welcome to the forums!
With a credit score of 580, you will not be able to get any kind of mortgage refinancing. You will have to improve your scores and then look out for loans. As far as MHA (Making Homes Affordable) is concerned, there are underwriting guidelines and you will have to qualify it.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
With a credit score of 580, you will not be able to get any kind of mortgage refinancing. You will have to improve your scores and then look out for loans. As far as MHA (Making Homes Affordable) is concerned, there are underwriting guidelines and you will have to qualify it.
Feel free to ask if you've further queries.
Sussane
Welcome Viber,
As Sussane has said, getting a mortgage refinance will not be possible with this credit score. You should speak to your lender and check out if you can take help of the option of MHA.
As Sussane has said, getting a mortgage refinance will not be possible with this credit score. You should speak to your lender and check out if you can take help of the option of MHA.