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i have a credit score of 610 i need a refi .i am entering a begining of a balon. can iget a refi?

Additional details of your question here by dennys_805_978 from Saginaw, Michigan. Mar 28th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Too much info missing, but in general most lenders want to see a mid score of 640 or above.. So your' not that far off.. To improve your score could be something as simple as making an extra payment on a credit card, but without seeing your complete profile, it's hard to say.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. If they cannot get you approved, they can at least give you the steps necessary to get approved real quick in the future.. 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

Mar 28th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Maybe. It sounds like your loan is about to enter a balloon payment. In order to qualify for a conforming loan or an FHA loan with good rates you will need a higher score. But the bigger question is what is in your credit report that is keeping your score so low. Work with a local Mortgage Professional to review your credit and develop a plan to get your score higher so you can get good financing. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 29th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

There are more factors involved, but you can get a refi with a 610 score. More information will be needed to find out for sure, but the 610 score, as long as it is your middle score will not prevent you from refinancing.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for a no cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 28th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Work on your credit , to get your middle score up to 620, for a better rate.

Mar 28th 2013
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 94 contributions

I need to talk with you to get the answer to that. Jack 734-395-9027 anytime.

Mar 28th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

I need more information to help you - www. HOMEMORTGAGEXPERT.com

Mar 28th 2013
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Eric Blossman NMLS 211144 (eblossman)
#116 ranked lender in Texas - 63 contributions

Yes you can, but as others have mentioned 620 opens up many more options. I would call a local lender to discuss your options. I only work in Texas, so I can't help you out personally.Good luck!

Mar 28th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

I agree with William although i wouldn't confine myself to just brokers. You may want to include some regional banks in your search sometimes there closing cost are more reasonable. I would definantly stay away from the "BIG BOX" guys they are not in the business of helping someone with credit issues. Interview the loan officer make sure he seems educated in the right way to clear up credit issues. Good Luck. Feel free to contact me if you have questions. 317-566-6129 or elewis@firstmerchants.com

Mar 28th 2013
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Virginia Nickel (www.smartloansaz.com)
#129 ranked lender in Arizona - 6 contributions

yes, I can go fha down to 580 fico - where is property located? 480-650-4230 call me.

Mar 28th 2013
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Virginia Nickel (www.smartloansaz.com)
#129 ranked lender in Arizona - 6 contributions

580 mid fico for Fha -- call me and I can help 480-650-4230

Mar 28th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Probably not right now - but that doesn't change your need to refinance as soon as possible, meaning you need to get your score up. What you need is a Loan Officer that will take the time to give you direction and to look at your situation. It doesn't really matter if this Loan Officer works for a "Big Bank", a Broker, or a Mortgage Bank. We all use the same lending guidelines, and for the most part are able to do the same thing. What will make a difference for you is the "individual" helping you , not where they work. There is a HUD (Federal Agency) located in your area that can help you and would be a good place to start -- GREENPATH, INC, 4600 Fashion Square Blvd, Saginaw, 48604-2616. Phone: 888-776-6735. The advice to avoid "Big Banks" and only look at Mortgage Brokers is self-serving and irresponsible.

Mar 29th 2013
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