Poor credit refinance

I would check with local mortgage brokers (which includes correspondent lenders) for one experienced in funding mortgage loans for people with a fico score below 600. It is allowed by FHA but most banks simply have overlays against allowing credit scores that low. You should have no late payments in the past 12 months to show lender you are on track now with making payments on any loans you have, on time. Compensating strengths help (i.e. good job for long term and substantial reserves).

I am in Albuquerque and may be able to help you. Charlie Sparks, NMLS 195031, Pinnacle Capital Mortgage. Office 505-899-2800 or Cell 505-350-3745 Thank you!

Much more info needed, but in general, if credit scores where the only thing a lender looks at when determining one's eligibility.. you would still have a difficult time.. understand that the lower the score, the more strict the guidelines, and few that apply actually get approved. To determine if you can refinance, we would need to see WHY?? Why is your score so low? BK? Judgement? Collections? Foreclosure or Short Sale? unpaid tax liens or unpaid student loans? You could have a 750 credit score, yet with one of these deficiencies, you still might be denied.. For this reason, The best advice I can give you is to contact a mortgage bank/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with Arizona and California being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893