What should you know about bad credit mortgage refinancing?

Asked by Trulia Brooklyn, Brooklyn, NY Wed Dec 5, 2012

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Javier Meneses’ answer
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Dec 5, 2012
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!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
Web Reference:  http://snb.com/jmeneses
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Thu Aug 1, 2013
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!
3 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Feb 27, 2013
Gregorio, not sure what in my response you believe not to be true. On FHA loans, banks WILL require collections, charge-offs & judgments to be satisfied. What isn't true about that?

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
3 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Sun Nov 20, 2016
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

Min FICO 580 FHA/VA Loan Approvals 7 days a week

PH: 954-667-9110

http://www.florida-mortgage-lenders.com/
0 votes
Caroltrulia, 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.

http://www.reversemortgagelendersdirect.com/new-york-reverse…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/hecm-programs/
0 votes
Sean, Other Pro, CA,
Fri Aug 2, 2013
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.
0 votes
Gregorio Den…, , San Diego, CA
Wed Feb 27, 2013
Quote:
" 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. "
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Neither one of those statements is true. The first step in refinancing with challenged credit is to find a licensed loan officer that actually knows FHA and other guidelines.
0 votes
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