Why is it so hard to refinance my home with a 585 fico score?

Hi Steven due to the current markets today the scores for most banks and lenders are now more restrictive so they all are now at or about a 640 min to get a loan done. Call and or email me so we can discuss and possibly correct and build your score back up in a few months. Thank you Robert Oliveira with Residential Mortgage Services 508 802 0935 and my work email is roliveira@rmsmortgage.com

Steven,Not knowing all the particulars with your situation it is hard to give you a simple answer to your question. If you would like to come into the office or discuss over the phone please give me a call at my contact information listed below. Steven N Taylor-President/Loan Officer MLO#4349 First Northern Financial Group, Inc. ML#1537 980 Eddie Dowling Highway N.Smithfield, RI 02896

Your credit scores are a gauge used to determine your credit risk, and the likely hood of you making your payments on time... if your score is 585, there's more to it than just your income ratio since income ratios have zero to do with your credit score.. You might be referring to your allowable revolving debt as a percentage of what you owe... If you owe too much on credit cards that can drive your score down, but it usually won't get you that low, so there's probably more to this scenario... Also, there are other lenders out there that will do refinancing with scores below the 640.. Guidelines are strict, but there is a loan product out there for you... Contact a local mortgage broker, not a bank, and apply with them... they have access to numerous lenders and can find the right match to your particular scenario... WilliamAcres.com

Credit scores are a measure of risk. The higher the score, the less the risk the bank is accepting. The lower the score, the higher the risk. Obviously lenders are looking to minimize their risk. You are having problems because your score indicates you are a riskier borrower than the lenders are looking for. Connect with a local Mortgage Banker/Broker. They will have access to many potential lenders, and may also be able to help you improve your score enough to qualify. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com