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I have a lower credit score, 545, and I need to refinance. I am seeking a 70k loan for a home bought for 130k. What are my options

by rlshunt154 from Dallas, Oregon. Aug 11th 2015 Reply


Chris Barry (TheLoanDoctor)
#45 ranked lender in Oregon - 40 contributions

Give me a call. I need to ask you a few questions. Chris Barry

Aug 11th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Without looking at your complete loan profile, it's impossible to say how we can help.. The real question is "why?".. Why is your score so low? BK, foreclosure, Short sale, unpaid taxes or unpaid student loans, judgement, etc.. you could have a 750 credit score yet have one of these deficiencies and still be denied.. so I suggest you 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

Aug 11th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

There a lot of holes that would need to be filled in. More than likely the only real option will be an FHA loan which would have monthly mortgage insurance. I am in the Dallas area if you want to discuss your situation more.dcondron@rightstartmortgage.com

Aug 11th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

With that credit score, your options are slim to none. Even those who claim to offer loans with super low scores deny most of them because there are usually other things on the report that need to be dealt with.Your best advice is to work on improving your score before ever attempting a mortgage loan.

Aug 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

The only loan type that can go to 545 is an FHA, however your credit score is not the the only deciding factor. They will want to take a look at your complete credit picture, income, assets, property, loan to value, debt to income etc. It would be a good idea to speak with an Oregon loan officer or two, share your information and find out what your available options are. Who knows, there may be a way to get your credit score increased enough to give you better terms? Best wishes, Sean

Aug 16th 2015
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