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Can I still refinance with a credit score of 615? How can I lower my mortgage payments

I'm a single mother of two and recently had some financial issues a few years back from my divorce. My credit score right now is at 615 and I need to lower my mortgage payments because it's really hard to make everything work with my current payment. I know there is some programs out there, what can I qualify for to refinance? by nellul_536_341 from Springdale, Arkansas. May 16th 2012 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,092 contributions

More info would be needed to property advise you, but in general, if you have an FHA mortgage, there are lenders out there that will refinance you without even pulling your credit under the FHA Streamline refinance program. If you have a conventional loan, the HARP 2.0 is an option, however you would need to improve your credit score to qualify.. Any competent mortgage broker can advise you on how to rapidly improve your credit score, and most will do it for no charge... The 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...By applying with your LOCAL Broker, you have an advantage because he's 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

May 16th 2012
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James Barath (JamesBarath)
#10 ranked lender in Indiana - 351 contributions

Although you might find a lender to move forward with a 615 mid-FICO score, it would be in your best interest to see if you can raise your mid-FICO score to 640. Work with a local mortgage banker who can provide some guidance on raising your score quickly before moving forward.

May 16th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,599 contributions

Generally speaking, you'll likely be able to find financing with a 615 credit score if you look hard enough, but it would be in your best interest to go to www.annualcreditreport.com, get a free copy of your credit report, and review why your score is so low. Getting that score up to 640, or even 660 with allow you to obtain better deals.

May 17th 2012
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J.D. Peck (MortgageColoradoSprings)
#47 ranked lender in Colorado - 77 contributions

I agree with the others. You'll be able to obtain a much better interest rate once your mid score is over 640.

May 17th 2012
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Brian French (bfrench)
#1 ranked lender in Arkansas - 48 contributions

Good morning - we have worked with many folks to guide them to credit score improvement. We have offices in Little Rock and Hot Springs. If you would like to chat, let me know. 501-276-6786 or bfrench@topflitefinancial.com Thanks,Brian

May 17th 2012
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