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Do I have to have good credit to get a HARP refinance?

by HDavidson from Fort Worth, Texas. Apr 29th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Some lenders will go as low as 620 credit score, however, you file must be approved through the automated underwriting system.. so if you can get an approved / eligible response, then with a 620 or higher, you might have a way to go.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

Apr 29th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

649 or higher

Apr 29th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

We will close the loan at a 640 FICO or higher, HOMEMORTGAGEXPERT.COM PETER SAVINO

Apr 29th 2013
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Adam Welwood (dfwFinanceGuy)
#170 ranked lender in Texas - 1 contribution

Certain investors will allow you to keep your current mortgage insurance and just transfer it to the new loan. In this case you can go down to 620 which is the minimum for most conventional loans. If you require new mortgage insurance the minimum is 660 as this is the lowest score eligible for mortgage insurance. I do mortgages in Texas and would be glad to help, feel free to call me anytime at 972-292-7598 or go to www.dfwfinanceguy.com

Apr 29th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Minimum FICO, 620 to 640.

Apr 29th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

as low as 620.

Apr 29th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

620 Mid score

Apr 29th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

William gave a pretty complete answer. The bottom line is that no lender wants to make a loan that might be a problem later on.

Apr 29th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 314 contributions

It is up to your current lender. Where are you located? We offer them:Jim Mazzola732-501-4249jmazzola@sunnb.com

Apr 30th 2013
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Al Rodenburg (mortgageoffice)
#169 ranked lender in Texas - 6 contributions

Refinancing one of our loans (we are the 9th largest servicer of mortgages in the US) does NOT require a minimum Credit Score as long as the P&I (principal and interest increase is Less Than/Equal to 20% from the current P&I payment - which would be the case in most of the HARP refinances we do. (If you have a PNC Mortgage, or were a National City mortgage client(we bought them in 2008) or RBC (Royal Bank of Canada; we bought them in 2011) mortgage client - we can probably assist you). We only do HARP loans for our existing clients.

May 3rd 2013
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