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Can I get 100% mortgage refinancing with poor credit and with who? I've tried several companies that promised that they can get my mortgage refinanced at a lower rate. But, when their backs was against the wall. They bailed out.

Jeanette · Posted: Fri Jun 06, 2008 4:37 am Post subject:

Hello Guest,

Welcome to the Forum,

With different programs and seller consessions you will be able to get 100% financing. However, you must have at least good credit of 580 or above before any lender will consider giving you a loan. We have a credit repair tool on our website where you can try to work on your credit and improve your score. That would be the very first thing you will need to do.
See link below.

http://www.mortgagefit.com/calculators/credit-repair.html

Good luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group
www.umgva.com

cliff3 · Posted: Fri Jun 06, 2008 12:10 pm Post subject: FHA Lenders

Good Advice!

Who on this site is a licensed FHA lender?

kenl314 · Posted: Wed Jun 11, 2008 12:41 pm Post subject: FHA and other-

Yes, I think on this loan scenario the best option would be an FHA loan. Right now they will not do above a 97% LTV on a REFI. And there are some FHA lenders- we work with a couple- who do manual underwriting and do not have a specific minimum FICO score. Hope that helps a bit.
Good luck,
Ken L.

gmakerley · Posted: Fri Jun 13, 2008 10:42 am Post subject:

i can't imagine that any lender would go to 100% ltv on a refinance, regardless of credit score; particularly in the current economic environment.

rate/term refinance to 97% on an fha loan - i can see that happening; to 95% on a cash-out also.

however, we don't know what "poor credit" means - could be 600...500...400.

there are too many variables here to properly answer our guest's question.

Jessica

I agree with Ken and George. A 100% refinance isn't possible. But one has the option to seek FHA loans where he can get maximum of 97% LTV.

Guest, you need to provide your financial details so that we can suggest some financing options that best suits your situation.

Regards,

Jessica.

smckaybiz · Posted: Sat Jun 14, 2008 6:24 am Post subject:

I don't know if first mortgage work the same as second mortgages(which is all that I deal with) but isn't your interest rate based on your credit score? If this is the case I would definately suggest working on raising your credit for atleast a year or two before refinancing. This could save you a lot of money in the long run.

In the meantime you could be trying to make larger payments on your mortgage to help pay down your principal balance which will make it easier for you to refi when you do.

Although now that I think about it I guess all of my advice is dependant upon how the housing market is in your area...

cliff3 · Posted: Sat Jun 14, 2008 3:00 pm Post subject:

Great Advice. Are there any licensed FHA lenders in the community?

brian1 · Posted: Mon Jun 16, 2008 11:59 am Post subject:

How POOR is the credit is the first question? There are some programs out there for less than prefect credit but POOR? Probably not.
USDA will refinance with a 620 score but there are other limits. You can only make 115% of the median income in the area and your home must fall in a more rural area as deemed by them.
If that is the case you may have an option for 100% no MI (NO CASH OUT rate and term only)
It is a great program but few people qualify

Brian

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