Home Buying in 93635>Question Details

rslndry, Home Owner in Los Banos, CA

Is there someone that will refinance a property with a credit score of $580 or less?

Asked by rslndry, Los Banos, CA Fri Apr 12, 2013

2 yrs ago I bought a house under my name only for my sister and brother in law due to bad credit. I need to refinance the property to get it out of my name and into my sister and brother in law. They still have bad credit I think in the 580's or less not sure. Is there someone who will refinance the property balance outstanding is about $130,000.

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Lance King’s answer
I sincerely doubt it.

What you could do is sell to them by a contract of sale. This would allow you to keep the property in your name till the note is paid off and start getting out from under.
0 votes Thank Flag Link Fri Apr 12, 2013
There maybe a way, yet you need to talk with the bank to see how... its a low enough balance, if they have been in good standing for a year or more they may have a chance...
0 votes Thank Flag Link Sun Sep 14, 2014
We will not go below 620 on an FHA loan.
Maximum debt-to-Income ratio 31/43 (up to 45 % multiple compensating factors)
0 votes Thank Flag Link Fri Apr 12, 2013
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