Profile picture for dvandkq

What options for refinance are available for people with less than good credit?

  • April 07 2009 - Seattle
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Answers (10)

Profile picture for Jane Austin
See if first u have mention the credit score according to my knowledge less tha good credit is more than 620 and less than 680 if u fall between this figure than u can go for fha but u make sure that u dont have ltv problem and u can also opt for loan modification proggrame as well
  • April 17 2009
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I could rumble off answers to you, but your question is too broad. There are many other factors when determining what kind of loan a borrower is eligible for other than credit rating.

What type of home (single family, multi-family, manufactured home...)
What is the loan to value?
What are your debt to income ratios?
What does less than good credit mean? are there foreclosures, BK's, collections on your credit?

I could go on and on, but I am more than happy to help if you have questions.

  • April 17 2009
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FHA currently offers loans at decent rates for credit scores below 680

  • April 17 2009
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If your credit is only less than perfect and you simply want to refinance the loan you have and not obtain cash out you may qualify for either the Fannie Mae or Freddie Mac refinance programs. First you need to find out if your current mortgage is owned by Fannie or Freddie. Call the loan servicing number on your monthly billing statement and ask if Fannie Mae or Freddie Mac owns your loan. Or you can use thesehttps://ww3.freddiemac.com/corporate/ links to find out. http://loanlookup.fanniemae.com/loanlookup/  and  https://ww3.freddiemac.com/corporate/ . You may be able to refinance regardless of your credit score as long as your credit is not terrible. If your mortgage is owned by Freddie Mac talk to your current lender about their refinance options. If your loan is owned by Fannie Mae most mortgage brokers have access to a variety of lending resources and can help you with your refinance. This program is great for borrowers whose home has depreciated in value because the new mortgage can be as high as 105% of the home's current value.

  • April 16 2009
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Talk to a lender/loan officer/broker right away.  They need to steer you in the right direction to start working on your credit scores.
  • April 07 2009
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Be extremely cautious about anyone you work with who says they can help clean your credit.  There are good services and bad ones.  Make sure you get referrals and check references. 
  • April 07 2009
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One month down on the mortgage, makes looking at refi options very poor other than trying to work with your current lender... which you're currently doing.
I suggest working with a broker who will work with you to clean up the credit issues, and then help you refinance when you have a better picture to present to lenders.
  • April 07 2009
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Profile picture for dvandkq
One month behind on current mortgage and late on some credit cards.  Also, a high debt/income ratio.  Not in a position for down payment at this time.  Was hoping to refinance to lower payment or at least catch up and bring things current.  Currently attempting to work with current lender but also exploring other options.


  • April 07 2009
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Is less than good better than poor?

Conforming loans are eligible at 580 scores, FHA mostly needs 620.  Below 580 would only allow for private party financing. 

What are your credit issues?  Are they still present at this point?

  • April 07 2009
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Be specific,is less than good credit?  How much are you wanting to put down?
  • April 07 2009
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