Zillow Advice: Refinance - didnt qualify to refinance http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ Zillow Advice | Zillow Real Estate Thank you gentlemen. ;) http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ Thank you gentlemen. ;) Mon, 13 Jan 2014 00:41:00 GMT http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ 2014-01-13T00:41:00Z How late were you on your ... http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ How late were you on your payments?&nbsp; Does not make sense that your credit scores are in the high 700's if you were late and/or have not made a payment since October.&nbsp; If you would like to take this outside this forum and contact me through my profile, I would be happy to discuss further and offer guideance. Sun, 12 Jan 2014 22:43:00 GMT http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ 2014-01-12T22:43:00Z It depends...&nbsp;on the ... http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ <p>It depends...&nbsp;on the lender.&nbsp;<br/><br/>Although all lenders must abide by the same&nbsp;General&nbsp;Mortgage Loan Guidelines, some banks have additional self-imposed "overlays" that restrict their ability to lend even more than these guidelines.&nbsp; They do this because of the secondary market that buys these loans after they are funded.&nbsp; So, you really won't know until you check it out.&nbsp;<br/><br/>My suggestion is to start at the Bank or Credit Union&nbsp;where you normally do your banking&nbsp;business.&nbsp; They&nbsp;should be able to&nbsp;answer some general questions about their ability to lend to you without pulling your credit.&nbsp;<br/><br/>If they have to pull your credit, don't sweat it&nbsp;since credit reporting bureaus do not penalize you for multiple credit&nbsp;pulls&nbsp;("hard" credit inquiries) as long as they are in the same credit&nbsp;category (e.g. mortgage loans.)&nbsp;&nbsp;They consider consumer shopping for lenders to be normal.&nbsp; You might take a 3-6 point hit to your credit score.<br/><br/>However, when you have multiple "hard" inquiries&nbsp;for different&nbsp;credit categories (e.g. credit cards, installment loans, car loans, mortgage loans, etc.) watch out.&nbsp; Your score will be more dramatically affected.&nbsp;<br/><br/>If&nbsp;your bank/credit union is&nbsp;not able to help you, consider going with smaller lending institutions that do not impose the "overlays" mentioned above.&nbsp; Ask your friends, family, associates and Realtors. Search online.&nbsp; Keep looking until you&nbsp;find what&nbsp;you are looking for.&nbsp; There is a good chance that there is a lending institution in your area that has what you are looking for at an acceptable&nbsp;interest rate.<br/><br/>You will be surprised at the variation in responses that you get.&nbsp; However, if your region is anything like mine, there is definitely a lending institution that can help you out as long as you have the ability to repay the loan (income)&nbsp;within the acceptable debt-to-income (DTI) ratio.<br/><br/>If you were able to "cure" the short-sale before it came to actually down to it, you should be fine if your credit score has recovered.&nbsp; Also keep in mind, that in todays lending "climate", your credit score will definitely affect the interest rate you end up with, even on a Government Loan (FHA or VA).&nbsp; Lending institutions see a lower credit score as an indication of&nbsp;higher risk to them,&nbsp;that they will ask you to cover with a higher interest rate.<br/><br/>Good luck.</p> Sun, 12 Jan 2014 22:22:00 GMT http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ 2014-01-12T22:22:00Z My last payment was in october ... http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ My last payment was in october and my credit score is in the high 700'S. Thank you for your help. Sun, 12 Jan 2014 21:54:00 GMT http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ 2014-01-12T21:54:00Z Your credit is still going ... http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ Your credit is still going to drive the rating on the loan.&nbsp; A cosigner would only help if you needed more income.&nbsp; When was your last late payment.&nbsp; How late were you.&nbsp; What is your credit score Sun, 12 Jan 2014 03:01:00 GMT http://www.zillow.com/advice-thread/didnt-qualify-to-refinance/524142/ 2014-01-12T03:01:00Z