Financing in Holly Springs>Question Details

cleenman, Home Owner in 27540

I would like to refi my FHA Ginnie Mae

Asked by cleenman, 27540 Sat Jun 9, 2012

I have a 30yr fixed 5.25% FHA Ginnie Mae. I would like to refi to take advantage of the lower rates. My payments are current, my LTV is 81% and my credit is at 614. Are there any options out there for me? Home value is 246k and balance is 192k.

Thanks
Randy

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2
Russell Smith’s answer
See if there is anything on your credit report that can be improved on quickly to raise your credit score which would improve your chances of loan approval and better the rate. A quick way of raising scores is to pay down credit cards or other revolving lines to under 10% of their credit limits. Once these are reporting, your scores could be higher. 30% of your scores are based off of balances in relation to the credit limit on revolving debts.
0 votes Thank Flag Link Sun Jun 10, 2012
Consult with your current lender to discuss your options.....

While your credit score isn't the greatest, you could be eligible for an FHA Streamline Refi which, under the new guidelines going in effect today, will allow you reduced MI.

IF not, you might be better served to refi after restoring a higher score. Your friendly neighborhood trusted loan officer can help with that.
0 votes Thank Flag Link Sat Jun 9, 2012
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