Posted on: 27th Apr, 2009 12:36 pm
i have a mobile home paying 881 a month. can i refinance for a lower payment of 650?...my credit score is in the low 400s. we have only been in our home 1 year. i dont know what to do. i dont understand my paperwork from closing and the contract. i dont know who to trust trying to get the lowest payment possible. also is there any grants that will help me.
Hi gingereubanks,
With such a low credit score, it would be difficult for you to get a refinance. You will have to improve your credit score first and then look for a refinance. Once your credit score improves, you can contact your current lender for a refinance. If your current lender is not ready to do so, then you can contact other lenders. To know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
With such a low credit score, it would be difficult for you to get a refinance. You will have to improve your credit score first and then look for a refinance. Once your credit score improves, you can contact your current lender for a refinance. If your current lender is not ready to do so, then you can contact other lenders. To know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
There is going to be a few factors coming into play when determining what you'll be paying on a monthly basis. But, with your credit being in the 400's your are not likely to get approved anywhere. Considering you have only been in your home about a year, what has happened in the last 12 months to cause the drop in credit score? I would assume you had a credit score above 580 when you purchased the property. I hope I can help...
Are you facing any financial hardship,then talk to your current lender and explian them your situation.
have credit score of 650 - who would refinance a mobile home?
Hi Lynne,
You can contact the local FHA lenders and apply for a mortgage refinance. They will be able to help you in this regard.
You can contact the local FHA lenders and apply for a mortgage refinance. They will be able to help you in this regard.