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665 credit score and a jumbo loan with a first and second. I want to refi. My LTV is about 80%

by stacey79109 from Orient, Ohio. Dec 8th 2015 Reply


Jesse Stroup (jessestroup)
#193 ranked lender in California - 591 contributions

You may have a hard time finding a lender that offers a jumbo loan with a 665 scores, you may want to call a few mortgage brokers.

Dec 8th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

That's going to be tough.. typically, most lenders want to see 700 to 740 mid credit scores for most jumbo loan products.. but for you.. it's even more risky.. you would need to do a "Cash Out" refi to pay off the 2nd.. and most jumbo lenders will limit your LTV even lower when paying off a subordinated 2nd. Regardless, you should try contacting a local mortgage broker.. once they look at your complete loan profile, they might be able to advise you on how to increase your credit score to get within the acceptable range.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 8th 2015
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

Assuming 80% ltv means loan to value with the first mortgage then likely you wouldneed to subordinate the second mortgage in refinancing. If you mean the combined two loans make 80% ltv then you might have an easier time with your 665 credit score. I can do jumbo loans here in CA with that credit score, however, I would want to look at the person's scenario in entirety. Contacting an experienced mortgage broker in your State is a good idea. If you have done so and they have been unable to help, try another, and another. Goodness knows the FEDS are doing everything they can to encourage checking with different mortgage brokers/bankers to make a choice. One may have the loan you need even if the other two do not.

Dec 8th 2015
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