The first thing you should know is that there are no "bad credit" mortgages. I guess it really depends on what your definition of bad credit. What's available these days for less than very good credit is FHA and HAPR. In either program your credit needs to be a certain way. For example, FHA will require you to have a 640 FICO or higher. In addition to the FICO, they'll also require any collection, charge-off and judgements to be satisfied.
The best thing you can do is meet face-to-face with a loan officer and allow him/her to review all the necessary paperwork to determine if you qualify. Should you not qualify, perhaps they can let you know what you must do to improve your credit so that you can get to qualify soon.
I'm always available if you need someone. Good luck!
Senior Loan Officer
Sterling National Bank
You can get an FHA refi with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network If anyone can find you a loan they can!
If all your mortgage payments are on time there is a good chance you can qualify for an fha refinance. Worst case you may be able to post your loan situation to a private lenders website or forum and find a private lender. US Mortgage Lenders - Thomas Martin
Renter, United Neighbors Together, Rochester, NY
Thu Sep 12, 2013
Hi Trulia Brooklyn
A reverse mortgage is a special program that is insured by the FHA for senior homeowners over 62yrs old. It can help them access the hard earned equity in their home to do many things. Most commonly seniors do a reverse mortgage to get a lump sum of cash for living expenses and to eliminate a monthly mortgage payment.
There are many programs for bad credit mortgage refinancing including FHA. You can aslo get hard money loans with 3 points and 2 -5 year loans and 70% Loan to value if you credit is really shot through. This will your foot in the door literally and when you pay them on time you develop a mortgage history.
Actually most people just about 85% of population segment has some kind of bad credit and that is because we have gone through a very deep and severe recession that is still lingering in 2013. This is the site http://www.alliancemtg.com/ I 've used that has been pertty consistent with lots of info and hope that helps you too.