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Is it possible to refinance with credit score of 600

Is it possible to refinance with credit score of 600? by chaski_159_669 from Columbus, Ohio. Apr 18th 2012 Reply


John Schweer (johnschweer)
#10 ranked lender in Missouri - 133 contributions

in a short answer yes, there are a few lenders out there that will.... the overlay to that is why is it a 600 there may be other factors on the credit preventing you, and driving the scores down.... if the score you have is from a website you pulled yourself you would want to have a mortgage credit pull done to see the actual scores and go from there..... my bank has a division that specialized in helping those with credit challenges improve their scores and remove or update inaccurate data on the report to help them qualify and qualify for better options that.... give me a call and we can discuss your situation.....John Schweer | Sr National Mortgage Banker since 1998The Federal Savings Bank | 7900 College Blvd. | Overland Park, KS 66210Direct ? 913-730-9331 | Toll Free ? 877-788-3520 Ext 9331 | Mobile ? 816-517-5626 | Secure Fax ? 913-800-7876Email: jschweer@thefederalsavingsbank.com

Apr 18th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#3 ranked lender in Florida - 404 contributions

Yes its possible, but what got you down to that score could hurt, thats why there are local mortgage brokers that go down to 580 ish on FHA..... find a local mortgage broker in your area that could shop your deal around for you...good luck

Apr 18th 2012
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Todd Tholl (ttholl@equityloansllc.com)
#4 ranked lender in Iowa - 206 contributions

It's not impossible, but very difficult & your rate will be alot higher than if your score was 640. I'd get a copy of your credit report, find out why your score is 600 & take the necessary steps to improve the 40 points. It will be well worth the effort.

Apr 18th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,609 contributions

There are lenders out there who will refinance if your score is 600, however there is much more to getting approved then just your credit score.. What type of loan do you have now?? FHA? VA? USDA? Conventional? This is important.. Why is your credit score 600?? High credit card balances? Recent Charge offs? Judgments? Foreclosure on another property? Short sale on another property? etc, etc, etc... so your question is too vague.. best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 18th 2012
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Bert Carpenter (BertCarpenter)
#3 ranked lender in Arizona - 1,731 contributions

Sure, you might be able to refinance, but remember, it's not just about the score. The bigger question is... WHY is your score where it is? In many cases their ore thing on the credit report that must be resolved in order to obtain a loan. I have found that in most cases, when these items are resolved, the score improves so the borrower gets better pricing. Work with local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They will be willing and able to properly guide you as to what you need to do to improve your score. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 18th 2012
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