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Can you get a refi with a 485 fico score?

My nephew wants to refi his current mortgage but, his wife is horrible with money/credit. She has ruined her credit and his. They both have good salaries and he has had to take her off his checking and savings accts. She has been late with the Mortgage payments until he took them over. His fico is 485 presently. Can he qualify for a decent refi rate without her name on the loan and do a quit claim deed to take her off the mortgage? (Of course with her consent.)
  • September 06 2012 - Brunswick
  • 0Yes

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Answers (2)

Profile picture for Academy Mortgage AZ
If he has the income to support the mortgage with his debits he can.   The next piece know what the loan to value is on the property and your nephew's credit profile.   Once you have those pieces then you can make a decision.    If everything is good with those pieces next step is what loan make the most sense.    First choice is always conventional.

If you have any follow up questions just post them.   

Have a great weekend.   Erin.
  • September 08 2012
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HARP, yes.
  • September 06 2012
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