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.
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
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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You can check on Fannie Mae or Freddie Mac's website to see if they own your home.
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!
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
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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.
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.
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.
Brian Young 214-797-3479
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!