do you need to have 20% equity in your home value to qualify for refinance & does all 3 credit reports need to be at 740? I have that on 1

You only need 20% equity to avoid paying mortgage insurance. It is not a requirement. Your credit score only needs to be about 640 to qualify and they use the middle of the 3 to get that. Please feel free to call me at 856-853-1234 to discuss further.Jamie

Yes Jamie is correct, however depending on your current mortgage there are other programs that are available that you can still avoid a monthly PMI. If you have any questions call me @973-907-3893 or email me @ Anthony.Rosamilia@capitalone.com....if your above 80ltv, we should be able to assist you with out a monthly PMI.

Short answer: No. Longer answer: It depends on the program. For example: FHA credit score requirements are more lenient. With lower scores you have no adjustments to the interest rate. However, you will have Mortagge Insurance regardless of if you have the 80% equity or not. Conventional loans require about a 740 score with no adjustment to interest rates. Once your score drops below 740 you begin to see higher rates. The lower the socre, the higher tha rate. If you have 80% equity, no mortgage insurance is needed. Other programs, such as VA (if you are a veteran) require almost no equity and no adjustment to rates with lower scores AND no monthly mortgage insurance. So really, it depends on the financing program. There's a lot to know. Call a trusted loan officer who can help you. My number is 1-855-823-2781

Good Morning 7sheep_... Yes I have to agree with both Jamie and also Anthony...Your credit score should be 640 or better and that is the middle score of the three scores...As to your loan to value, there are programs that will exceed the 20% LTV, However we would need to review your current Mortgage Documents to properly advise you on this matter...Please contact us at e/m Money@RonWohlfarth.com or visit our web site at www.RonWohlfarth.com...Thank you Ron

Per Fannie Mae & Freddie Mac Home Affordable refinance programs ( assuming that your mortgage in secured by either one ) & you currently don't have mortgage insurance..it's not required on new loan if you don't have 20% equity. You can findout whether or not Freddie or Fannie owns your mortgage by going directly to each website and input data. If they do own your mortgage, it's best to contact the lender/bank/ servicing your loan to see what options may be availiable to you.Regards, Aaron B

It depends on several factors... is this owner occupied or a rental?? Was your current loan issued before May 31st, 2009? Do you pay monthly mortgage insurance now?? Are you taking cash out, or just refinancing the balance? On the surface I'll assume owner occupied, no MI, not cash back at close, and original loan issued before May 31st 2009.. Yes you can refinance without 20% equity and if your not paying MI now, you will not have to pay on the refinance. Regarding the credit scores, the lender will use the middle score, not the highest, but if your over 660, you will be fine.. WilliamAcres.com