Can you do a cash out refi with a 580 credit score?

Hi Rich, you sure can. Up to a maximum 85% of the home's appraised value. Give my office a call or shoot me an email with some more details. David Ortega - Satori Mortgage - 952-544-1706 - dortega@satorimortgage.com

Yes you can as long as it is a Government Loan. If you have a conventional loan you would need at least a 620. If you qualify for a VA loan you can do cash out to 100%.

In theory, yes... In practice, your very low score is going to cause you significant difficulty is actually getting a loan. I suggest working on improving the credit first, then applying for the loan. www.SaintPaulMortgageBroker.com

FHA will allow a cash out up to 85% Loan to Value, but the 580 credit score gives you few options.. Although there are lenders who advertise they will go down to 580, very few that apply actually get approved.. the real question is WHY? Why is your score only 580? Foreclosure, short sale, judgments, unpaid tax liens or unpaid student loans, etc, etc.. even if your score were 750 and you had some of these deficiencies, you still might get denied.. the best advice I can give you would be to contact a LOCAL mortgage broker and apply with them. Once they see your complete profile, they'll be able to advise you properly... If your score is too low, then they can show you the necessary steps necessary to improve your score to get you in a position to get approved.. But I caution you.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I can do this with an FHA loan, yes, depending in what area you live. I would have to see the other details of your credit profile and you would have to qualify per all other standard mortgage underwriting guidelines. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson