Profile picture for AnthonyPriest

Refi w/ 686 Credit Score

I know that the 80/15/5 mortgages are coming back available I was curious if there's anyone offering these that would accept an applicant with a 686 credit score.  I've done a lot to improve my credit but there's really nothing more for me to do other than wait.  But I really want to Refi out of our FHA loan with obscene MI charges for the life of the loan.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28 - Ramona
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

There are no 80/15/5 programs that I am currently aware of. There are 80/10/10 programs, but the middle score needs to be a 700. you are only 14 points away so there may be something you can do via a rapid rescore to get the scores up. I am not certain as to when you got into your loan, but there is a possibility based on the market improvements that an appraisal may just get you to the 90%. A comp analysis can be done to look at this. You should be able to get a free credit analysis and have a "What-if Simulator" run against your credit (at no charge to you) to determine score improvement options so that you know the exact options for this. It won't cost you anything but a little bit of time to connect with a Mortgage Professional for both a free credit & loan analysis to determine your exact options and whether or not there is any benefit for you at this time. Often times, it is just connecting with the right professional. All the best!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 29

It sounds like you've been in your loan for some time. Is the 80/15/5 structure based on how you bought the home? I assume so. Because time has gone on, and my bets are that you're at a 80/10 structure. If that's the case, you can do an 80/10.

Hope this helps.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28
What's the current loan amount?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28
80/10/10 is the closest that i can think of that would allow you to remove the MI but you would need at least a 720 credit score.

your probably better off sitting tight for now and staying in the FHA loan
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28
Profile picture for AnthonyPriest
Thanks Michael,  We've got 93% LTV at the moment and generally I'm finding that a conventional ReFi isn't really worth the time.  Unless we can get under 90% LTV the MI on the conventional is almost the same as the FHA MIP.  So the savings don't generally justify the cost of the refi.  I have a feeling though that if we can eliminate MI altogether even with a higher interest rate we could realize some better monthly savings and have it make sense. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28
I don't offer 80/15/5, however you could always look at conventional 95%LTV, still has an MI premium but is removable once you reach the 80%LTV threshold, There is also an upfront premium option we could look in to.

Feel free to contact me with further questions and best of luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 28
 
Related Questions
Refi w/ 686 Credit Score
Profile picture for Tracy Story
Latest answer by Tracy Story
April 29 | 6 answers
How do I best find HARP lenders so I can compare to my present lender
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
October 18 2012 | 2 answers
  • Asked by Fortune 100
  • In Refinance
  • October 18 2012
Is it Time to Refi?
Profile picture for sunnyview
Latest answer by sunnyview
July 13 2010 | 1 answers
Interest Rate and APR, large difference in 30 days
Profile picture for kathy12346
Latest answer by kathy12346
August 28 2009 | 9 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 412 12th St, Ramona, CA Home For Sale
    412 12th St, Ramona, CA 92065

     For Sale: $399,900

    • Beds: 5
    • Sqft: 1498
    • Baths: 3.0
    • Lot: --
  2. 18910 Highland Valley Rd, Ramona, CA Home For Sale
    18910 Highland Valley Rd, Ramona, CA 92065

     For Sale: $435,800

    • Beds: 4
    • Sqft: 1765
    • Baths: 2.0
    • Lot: 43560
  3. 1537 H St SPC 32, Ramona, CA Home For Sale
    1537 H St SPC 32, Ramona, CA 92065

     For Sale: $64,900

    • Beds: 3
    • Sqft: 1325
    • Baths: 2.0
    • Lot: --