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martharincon…, Home Buyer in Denver, CO

I need to refinance my credit score is poor at 569 is this possible?

Asked by martharincon201, Denver, CO Wed Aug 14, 2013

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You would need a 580 and you would have to go FHA. Paying down credit cards alone may increase your score enough to qualify FHA.

Conventional loans require a 620 credit score.
2 votes Thank Flag Link Fri Jan 17, 2014
My spouse has a 670 credit score can we refinance in her name?
Flag Thu Feb 27, 2014
For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.

So if you're planning to buy a house, and your credit score doesn't meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.
1 vote Thank Flag Link Sun Jul 12, 2015
Hello martharincon201, yes you may depending on the mortgage you currently have and LTV. You will need a minimum 500 fico score to qualify FHA and minimum 620 fico score may qualify conventional. Do you need cash out or just want a lower rate and term?

It only takes a few dozen questions to qualify and go over your options. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
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760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

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1 vote Thank Flag Link Mon Mar 23, 2015
It depends. Usually no but, if you have a government loan and you took the loan out before May 31, 2009, you may be able to do a HARP loan AKA relief refinance with no score or a low score. It's not credit driven. The only real prerequisite is if you have had any lates on the subject loan within the last 12 months.

You can check on Fannie Mae or Freddie Mac's website to see if they own your home.
1 vote Thank Flag Link Tue Mar 11, 2014
How can we refinance our home with a poor credit score?
1 vote Thank Flag Link Thu Feb 27, 2014
Hello,
Probably not as you stand, however, I have a lot of luck getting my clients scores up to what they need and higher. The analysis and gameplan are free so drop me an email or give me a call...

I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
1 vote Thank Flag Link Mon Jan 20, 2014
Keep looking, you might be able to find FHA loan.
1 vote Thank Flag Link Mon Jan 20, 2014
There are some lenders that are able to lend on a credit score of 580. You will need to talk to a lender or credit repair agency to go over your credit to see what you can do to improve it.

If you need any contacts, let me know.
1 vote Thank Flag Link Wed Aug 21, 2013
It depends what type of loan you are looking for. My advice is to first speak to a very experienced loan officer and have that loan officer go through your entire credit report in detail and see if there are some quick ways to bump your score up.
1 vote Thank Flag Link Sun Aug 18, 2013
Even with a low score, you may still qualify for a refinance. Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
1 vote Thank Flag Link Sun Aug 18, 2013
Call a local lender! If they can't help you out they can att least point you in the right direction to maximize your credit score and ability to refinance you mortgage. Good Luck!
1 vote Thank Flag Link Wed Aug 14, 2013
I'm wondering why someone in Denver is asking a question in Sacramento? I would suggest you talk to some local resources. The best course of action is to find a way to recover your credit score first. Refinancing a home is expensive and is a long term loan. Why not put your best foot forward and get the best rate you can? That offering will only be available to you if you can improve your credit score.

If i can guess, though. You may be wanting to improve your mortgage payment. Your credit score may be low because you have been having problems paying your mortgage and have been late. if that's the case, you are not trying to refinance. Rather you are trying to do a loan modification. That effort is not through a loan broker but through your original loan servicer (who you pay your current mortgage to). That requires that you can demonstrate a hardship (such as lower income, or increased expenses due to job issues, divorce, illness etc. ). if that's the case, then the government's website http://www.makinghomeaffordable.gov may help get you started. The answer to the second scenario will lie with your existing lender to help find a solution for you.
1 vote Thank Flag Link Wed Aug 14, 2013
I might be able to help with a FHA or HARP. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
1 vote Thank Flag Link Wed Aug 14, 2013
That low score indicates a terrible credit history. So far this morning nobody has mentioned "hard money"
That is because it is not likely that you have the 35% to 50% equity in your property that a hard money lender requires.
If you have any equity at all, you could sell, take that equity and pay off your bad debts. If you have no equity, you could try a short sale.
1 vote Thank Flag Link Wed Aug 14, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
That is a great question I specialize in Real Estate contract more then lending but as far as I am aware a 580 mid fico score is the required score for any traditional type of refinancing but depending on your current loan type there may be options that would allow you to refi at your current score. What type of loan are you looking to refi out of?
1 vote Thank Flag Link Wed Aug 14, 2013
It's going to be very tough for you. And with a credit score that low, the rate is probably going to be pretty ugly so it may not save you any money

I would say your best option is to reach out to your present lender and see if you are eligible for a HARP refinance, streamline refinance (if you have an FHA loan) or a modification.

It's very unlikely a different lender will want to take on a borrower with a very low credit score.

If you can hold off and work on improving your credit first, then you'll have more options and likely qualify for a lower rate.

Good luck!
1 vote Thank Flag Link Wed Aug 14, 2013
It is very unlikely.................
1 vote Thank Flag Link Wed Aug 14, 2013
I am state and federally licensed to write mortgages in 31 states for a top direct lender in the mortgage industry who offers conventional, FHA, VA, and USDA loans. We keep your info private not broker it out and we go down to a 550 credit score for VA and FHA loans.. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
NMLS 902687
0 votes Thank Flag Link Sun Mar 6, 2016
Have you looked into repairing your credit? Have you talk to a mortgage broker about Rapid Rescore?The company I work for can get your credit score improvement in days! They're having their quarterly FREE Credit repair service give away.The drawing is December 1st. I used them and very satisfied with the results. My credit score improved around 100 points and a lot of old and incorrect things were removed quickly!. http://freecreditrepairdrawing.blogspot.com/2015/11/free-cre…
If you do not want to wait for the drawing call them (888) 865-3282 Their prices are pretty reasonable and they will work with you until the end. You don't have to pay for their service until AFTER the task is completed.
Good luck and I hope this info helps!
0 votes Thank Flag Link Sun Nov 22, 2015
Most lenders do use credit score benchmarks. Applicants with scores below a lender’s benchmark usually can’t be approved for VA financing. That minimum will vary from lender to lender, but usually you need a 620.
0 votes Thank Flag Link Wed Nov 11, 2015
I sure hope so i need alittle more money to fix some.things around my house
0 votes Thank Flag Link Tue Sep 1, 2015
I sure hope so I also need to refinance my home and I need some extra to fix some thing around my home
0 votes Thank Flag Link Tue Sep 1, 2015
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