Financing in 13760>Question Details

Zimzim, Home Buyer in 13760

can I refinance with a credit score of 611?

Asked by Zimzim, 13760 Sun Oct 3, 2010

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can i get a morgage loan with credit score of 697 ?
0 votes Thank Flag Link Fri Apr 20, 2012
Hi, Zimzim

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.
0 votes Thank Flag Link Mon Oct 4, 2010
Hi Zimzim,

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.

Good luck!

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Mon Oct 4, 2010
What type of loan do you currently have in most cases that is only 9 points to get to the magic 620 number for a great rate on a refi!

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...
0 votes Thank Flag Link Mon Oct 4, 2010
You should talk to one or more lenders/mortgage brokers. You my have to pay more than the best available interest rates, but that may still be an improvement for you. You may also want to talk to someone at a a HUD Approved Housing Counseling Agency. These folks usually have the most up-to-date information about home finance issues and there usually is no charge. See the link below for a service near you.

0 votes Thank Flag Link Sun Oct 3, 2010
Keep in mind that the credit score is only one factor that lenders will consider-- oter factors such as of the amount of equity, one's overall debt, etc., do come to play---much will depend on the lender and their qualification standards, therefore you may wish to begin by contacting your current lender and or any qualified loan officer---
0 votes Thank Flag Link Sun Oct 3, 2010
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