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How low credit scores be to refinance with harp?

by sandeep_patel157 from Irvine, California. Jul 16th 2015 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 416 contributions

The typical lowest score would be 620.....feel free to contact me for further details.dan@loansbydan.com

Jul 17th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

With HARP, the rules are different.. according to HARP guidelines, there is no minimum score.. but in reality, it has to be decent.. Your file is run through an automated underwriting system (AUS) and based on the results is what determines your eligibility. AUS will take into consideration your complete loan profile. Property type, loan amount, Credit history (ignoring your score), Loan to Value, cash reserves, etc.. if you have a real low credit score but you have 60 months reserves, then it's possible you can get financing.. but if everything about your file is negative, then its unlikely.. the only way to know is to contact a local mortgage broker and let him run your file through the AUS.. best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 17th 2015
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