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Because of my low credit score, I was unable to refinace my home. Can a family member with good credit help me to get refinace

by sgray1906658 from Birmingham, Alabama. Feb 1st 2016 Reply


Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 70 contributions

Please define low credit score?? Some lenders can go lower then others...580 is our companies low on fha loans for example. In regards to your question if there are two borrowers the borrower with the lowest middle score will be used. So it would make no sense to have a coborrower since your scores will be used to determine loan approvability. If the other person lives in the home and on the deed, that person may be able to qualify for a mortgage refi in their name alone. If you are in Pa. and looking for another opinion, Please contact me at: jason.bennett@movement.com NMLS#147890

Feb 1st 2016
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Chuck Young (ChuckY)
#18 ranked lender in Alabama - 12 contributions

Agree with Jason's assessment. We need your mortgage weighted middle score. If it is close to the 580 threshold we may be able to do some credit repair to get your there assuming you are the breadwinner. Another option is if you or the other person living in the home and on the deed may be a reverse mortgage if either one of you is over 62 and intend to stay in the home, Credit scores are less important on the reverse and equity in the home needs to be 50% or less of the appraised value of the home.

Feb 1st 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Having a cosigner will not help if you have bad credit.. cosigners only help if you have limited income.. Loan pricing and eligibility is based on the LOWEST mid score of ALL borrowers.. you could have Mom and Dad co sign for Son and Daughter in law, and if 3 of the 4 have 760 scores, but one has a 600, then your loan would be priced based on a 600 credit score.. so as you can see.. adding a cosigner would not help.. 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

Feb 1st 2016
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