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I own a home out right I want to remodel but my credit scores are from 677 to 665 to 633 can I get financed?

by revray_417_890 from Wheeling, West Virginia. Mar 24th 2013 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You can either apply for an FHA 203k loan or a conventional "cash out" refinance. I would contact a local lender and ask them to provide you with details on both options so that you can compare. Best Of Luck!

Mar 24th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

What kind of remodeling? How much do you need? Who is doing the work? Without answers to these questions, your question can't be answered. Connect with a local Mortgage Professional and discuss what you are looking for. Your scores are adequate for an FHA 203k rehabilitation loan. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 25th 2013
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Greg Gruenwald (GregG@888GREG1ST.COM)
#40 ranked lender in Illinois - 9 contributions

Hi Revray...credit is one of the factors in a loan and it is super important. Your scores may not be from an actual mortgage based credit report but based on these scores, you would qualify for prime A/Paper loans (including FHA and VA). The next step is to look at the other factors. My advice? Call me. I can tell you in minutes what you qualify for and help you achieve it. I'm able to do all programs in West Virginia. Greg Gruenwald, The Federal Savings Bank, Naperville, IL 888-GREG-1ST (888-473-4178). Thanks!

Mar 24th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I handle both 203k and conventional renovation loans but if you qualify your best option with fewer fees and complications will be a cash-out refinance unless that will not give you enough to do what you want to the house.

Mar 24th 2013
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Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

The answer is yes. You can use a couple different ways to accomplish the task you're inquiring about. Please feel free to contact me and I'll be more than happy to walk you through the process. Ray at 254-449-7196 or rlewis@englending.com

Mar 25th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Yes, you should have no porblem doing so ,

Mar 25th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Contact a local member of this forum in your area.

Mar 25th 2013
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Mary Chris Gallo (MaryChrisGallo)
#46 ranked lender in Minnesota - 116 contributions

Your scores would make refinancing possible, with a 203K renovation loan a good option. Be sure you're working with a loan officer experienced in renovation financing. They can be tricky.

Mar 25th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

You should be able too - YES. Andrew - you will need the right lender. Dont give up on your first try. For sure.

Mar 25th 2013
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Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions

Asssuming your income qualifies you should be fine. If home has a cost to cure you will have to go with a FHA 203K loan. Make sure you research loan officer if you go that route as many DO NOT know what they are doinjg with 203K's.

Mar 25th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

If your middle scor is 665 you can refinance.

Mar 25th 2013
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