Posted on: 05th Apr, 2010 08:08 am
we have an 1984 mobile on 3.5 acres, the home is in great shape, and everything approved by cointy. the loan we nedd to refinance is around $46,000/ the land is worth #280,000. we are paying a high interest rate 13.5% and our credit isn't too good. we had medical & legal trouble in 2006-2009. any help out there for us? we only want to refinance to pay off high rate loan and do some upgrading, around 60,000
You've mentioned that your credit isn't good. In that case, it will be difficult for you to get a refinance. If you need a conventional loan to refinance the mortgage, then you would require a score of 700-720 whereas if you go for a FHA loan, then you would require a score of 620. If you do not satisfy the required criteria, you won't be able to get mortgage.