i am trying to refinance my home and i have poor credit
i do not need the amount listed in the survey, my home value should be over 50,000. and i and wanting to hopefully get some cash to help pay off the bad debt that i do have and refinance the 2 loans i have on the house. my first mortage balance is 29,000 and the second loan balance is 11,000. my credit score is around 474. Due to divorce and medical bills i had fallen behind in some of my bills. by mlane7_461_754 from Bristol, Tennessee. Apr 25th 2012
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Sorry, with a 474 credit score, I don't know of a single lender anywhere in the country that will assist you. Work on repairing you credit, and try again in the future.
Ken Johnson (kenmma1)
#12 ranked lender in Tennessee - 2 contributions
Bristol, TN - You are going to need at least a 600 credit score to get close to being able to be get a mortgage. You will also need at least three active tradelines reporting to the credit bureau each with at least a one year history of on-time payments.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There is no such product.. you need to improve your scores substancially and because of the low loan amount, you will be forced to use the local "Big Banks".. they are only one's allowed to overcharge you to make a $40,000 loan worth while... Sorry.. WilliamAcres.com
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
I've seen that kind of score before but as others have said you essentially can't get any kind of traditional mortgage without significant improvement. FHA is the most flexible and has a mandatory 540 minimum credit but it would be almost impossible to find a lender who would approve you for a cash out loan with a score that low. Seek credit counseling, find a local agency at: http://www.nfcc.org/FirstStep/firststep_03.cfm
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