Posted on: 22nd Feb, 2010 06:58 pm
2004 i got an apr sub prime loan for a new house, my credit score was 580.
2006 i refinanced to a 30 year fixed 8.89% with a sub prime lender, credit score 600.
2009 i tried to refinance with fha and a credit score of 625 but was told no because appraisal on house was at value.
now i hear you need at least 10% down.
seems like i am trapped into my subprime loan forever.
my credit score now is about 630, same job for last 10 years, house value is 120,000 i owe 119,000. wages are 38,000 i have no money down, no lates on loan, no lates on car payment. but it is now impossible to get a mortgage loan. when i was a single mom in the early 90's making clerical wages i was able to get a fha loan at 100% with a decent interest.
i spend more on a mortgage now and less at wal-mart.
2006 i refinanced to a 30 year fixed 8.89% with a sub prime lender, credit score 600.
2009 i tried to refinance with fha and a credit score of 625 but was told no because appraisal on house was at value.
now i hear you need at least 10% down.
seems like i am trapped into my subprime loan forever.
my credit score now is about 630, same job for last 10 years, house value is 120,000 i owe 119,000. wages are 38,000 i have no money down, no lates on loan, no lates on car payment. but it is now impossible to get a mortgage loan. when i was a single mom in the early 90's making clerical wages i was able to get a fha loan at 100% with a decent interest.
i spend more on a mortgage now and less at wal-mart.
wolfy, if you are looking for a cash-out refinance, you're going to be capped at 85% of the value; for a rate/term refinance (no cash back), you can go to 97% on an fha loan. that would equate to you bringing cash to pay down your existing loan, plus closing costs. if you can work out a way to have that cash, you ought to be able to obtain a loan. it's not your credit or income, it is your assets, at this point.