Refi eligibility v MHA

While you may see all sorts of people talk about potential options with your low credit score, the reality is it is very unlikely you can get a loan with that score. I suggest you focus on improving your credit score, and then after that, give refinancing a try.

Hey there,Both are pricey... assuming you can get an approval. MHA, or Making Home Affordable, will still have underwriting guidelines and restrictions. Their programs also require that either Fannie May or Freddie Mac owns the mortgage. You can go to http://www.makinghomeaffordable.gov for more information. As it relates to refinancing, you might be able to still refinance with the 580. I'm a Loan Officer with Keystone Mortgage, we're a mortgage Brokerage. We have a several wholesalers who will underwrite with that credit score, but they do typically charge more. Please feel free to reach out to me if you would like any additional information. James MaconKeystone Mortgage605-330-6033

First you need to determine whether or not your mortgage is eligible for the HARP loan. Go to the following links and input your information to see if you would qualify: https://knowyouroptions.com/loanlookup or https://ww3.freddiemac.com/corporate/. Your loan must have been sold to Fannie Mae or Freddie Mac prior to June 1st, 2009. If your loan was originated prior to June 2009 but, is not showing as owned by Fannie or Freddie, I'd hold off a bit more as there is chatter of HARP 3.0 coming down the pipe. This will allow borrowers to refinance even if their mortgage is not owned by Fannie or Freddie. Though, depending on your equity position, a traditional refinance may be advantageous and something to consider. If we were licensed out there, I'd ask you to give me a call but, unfortunately, we're not. Soon though.....we anticipate licensing in the states surrounding Minnesota by 2015.

This is a good program to map out your credit to raise your score on your own. https://www.iqualifier.com/

I agree, work on your credit score.

It really depends on which loan product you currently have.. If you have an FHA loan, then yes.. you can refinance now even with your low score.. if you have any other type of loan, then probably not.. VA, USDA and Conventional all have refinance options which allow you to refinance regardless of your homes value, however you do have to have sufficient credit scores.. most want to see 620 or above, but ideally 660 +. 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. 480-287-5714 WilliamAcres.com