Posted on: 06th Sep, 2009 08:06 pm
my arm loan was up for renewal and my bank decided tha they did not want to renew my loan. therefore, i have six months to sell or refinance with another lend. i have a great income and job stability but my credit score is in the 500s. are there any lenders that specialize in this type of situation?
Hi lynettehead!
Welcome to forums!
With credit score in the 500s, no lender would be ready to refinance your property. The minimum credit score required to get a conventional loan in today's market is around 720-740. You can try to improve credit score and then look out for loans. Or else, you will have to sell off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With credit score in the 500s, no lender would be ready to refinance your property. The minimum credit score required to get a conventional loan in today's market is around 720-740. You can try to improve credit score and then look out for loans. Or else, you will have to sell off the property.
Feel free to ask if you've further queries.
Sussane