Help with refinancing mortgage

thefarm · Joined: 19 Mar 2008 Posts: 1 1.34 Dollars($)

How to refinance existing ARM with poor credit and low FICO's. We cannot afford our payment..and when we checked with a local mortgage broker she said we would have to get our credit score up over 600 in order for her to help..ours is 490 combined. How do we get our mortgage which is now current refinanced with someone else when no one will give us a chance to show we can make lower payments if given the opportunity!?! Don't people want everyone to have and keep the american dream of owning their homes?!!

banker0679 · Posted: Wed Mar 19, 2008 9:54 pm Post subject:

find a broker who can do FHA and/or knows a credit repair company.

This may help you out in the long run.

jameshogg · Posted: Wed Mar 19, 2008 10:05 pm Post subject: RE: refinancing with poor credit

Hi farm,

Welcome to forums.

I'm afraid your credit score is very low indeed and that's the reason the broker isn't willing to provide you with a financing option. The fact is, no lender would like to finance someone who hasn't been able to show his creditworthiness.

However, I shall suggest that you for a free consultation with the lenders in this community. They have been helping people like you with their valuable suggestions on what options are ok for them and how they should proceed.

You may also check out with ACORN housing programs.

Thanks

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