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refinancing and credit scores?
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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refinancing and credit scores?
Do you think it is possible to refinance now with all the stricter guidelines with fair to poor credit, we are talking like 680 credit score and a 590 credit score? My brother and girlfriend want to but I thoguht you needed over a 700??
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Posted 2/9/08 4:16 PM  |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: refinancing and credit scores?
If they can do full-document not stated income, the 680 might work but probably not the 590. Banks are being really cautious now with their lending.
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| Posted 2/9/08 4:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: refinancing and credit scores?
the 590 is going to be a killer- there are no programs really for people under 640
if the 680 can qualify alone they might be able to find something
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| Posted 2/9/08 4:30 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: refinancing and credit scores?
Posted by charon54
If they can do full-document not stated income, the 680 might work but probably not the 590. Banks are being really cautious now with their lending.
A stated income loan will still check your credit. With a stated income loan, all you are doing is stating what your income is so you don't have to provide paystubs. They will still run your credit so this will really be no different for the original poster.
Don't even bother applying with a 590 credit. If you have enough equity in your house you can try to just have the person with the 680 credit score apply.
But even if you are approved you may not get the preferred rate with a 680 credit score and that would most likely defeat the whole purpose of refinancing.
You would be better off improving your credit scores first before you apply. If you have balances on your credit cards, pay them down and that will improve your scores dramatically.
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| Posted 2/9/08 8:23 PM |
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