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we would like to refinance our home but we have bad credit ,they are 590and 589 can we refinacace with credit like that . Mo

by bethst_206_681 from Grant City, Missouri. Aug 30th 2012 Reply


Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 71 contributions

If you get to a 600 Fico for your middle score I can help you. I can also help you get your score up to where it needs to be. Call me for a free consultation at 816-256-0013. Cody Bellah

Aug 30th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Depending on what is bringing your score down, you should be able to bring it over 600 with some minor actions. Have a loan officer help you review your report and you can have a score improvement very quckly. Best Of Luck!

Aug 30th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It really depends on several factors.. But the real question is "why".. Why is your score 590?? if you have lots of recent collections and charge off's, then probably not.. if you have any recent delinquent credit then no.. if you are maxed out on credit cards, and a few old collections, then maybe.. There are lenders out there that will lend down to 580, and some even below that, but the "Complete Profile" will need to be reviewed to know for sure.. 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

Aug 30th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Not likely...some lenders will go as low as 600 but most want to see a middle score of 640, so of your three scores toss out the highest and lowest and that is what they will use. If there are 2 borrowers they will use the lowest middle score of the 2 of you.

Aug 30th 2012
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Daniel Hennek (danielhennek)
#73 ranked lender in Illinois - 23 contributions

We would have to take a look at the report to see what is bringing your score down since those other factors may affect the loan program you are able to get as much as the score will. There are credit companies out there that can help, but usually when a borrower is this close I will take it upon myself to use a credit simulator to see if we can increase the score in a short amount of time. Either way, by talking a true professional about the situation you can start on your path to eventually getting your refinance done. It may not be next month, but most of the time we just need to get you to 620 to have a qualifying score.DanielHennek@gmail.com

Aug 30th 2012
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Marlon Mitchell (mmitchell)
#6 ranked lender in Missouri - 51 contributions

You are not that far off from being able to be approved. Give me a call for a free consultation (816-759-0200 Marlon Mitchell) and review of your situation.

Sep 10th 2012
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