Profile picture for smitty81776

Is there anyway to refinance in this market if you don't have the greatest credit?

We really want to take advantage of the low interest rates right now but we don't have the greatest credit, out interest rate right now is 9.64.
  • March 11 2009 - Lincoln
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    0Yes

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Answers (4)

The short answer is Yes.

The long answers requires more information.

What is negatively affecting your credit score: Large past due medical bills, late mortgage payments; late credit card payments; collections; or tax liens/judgments?

What is the amount of your first mortgage and value of your property (best estimate). Are you current on your mortgage payment(s)?  Do you have a second, what amount?  Are you currently employed?

Ed
  • March 11 2009
  • 0Yes

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Profile picture for Lindsey M. Bishop

FHA use to be your best option for financing because it use to not be credit-score driven. However, because of the economy and market we are in most FHA lenders now require a 620 minimum middle credit score to qualify for FHA.

  • March 11 2009
  • 0Yes

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Profile picture for smitty81776

Our credit score I believe are in the upper 500's, which is not good, we have about 5000 equity in our home now.

  • March 11 2009
  • 0Yes

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What's your credit score?  Amount of equity?
  • March 11 2009
  • 0Yes

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