My understanding that they may still be a few lenders out there that are still doing 600 FICOs. However, if so, since the industry standard is now 640, I can assure you will be penalized points wise to do so. Something will will add to the over cost and size of your loan. And depending on what type of loan your currently have (i.e. FHA, VA, CONV), the amount that you owe, and whether you're looking to simply lower your interest rate or take cash, the cost and net savings may not make it a feasible options at this time. You better off raising your score to the industry's standard of 640 first. Afterwards, when your more viable and desirable to a larger selection of lenders, do the math to insure your saving enough per month to warrant a refi. Depending on your loan amount, you can reduce your credit score from 7% to 4.5% and still not see an significantly monthly savings in the end.
With a credit score of 620 you can possibly qualify for an FHA mortgage product. Your score is so low and your credit rating so poor that you are going to pay dearly for mortgage products and interest rates are going to be higher until your credit score is higher.
Hannah Fliegel, FICO Pro
I have software that I can get your score up that directly works with my credit bureau that in a matter of days we can get you financed.
You can contact me thru trulia or visit the website below for more info...