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Trying to refinance my home, is it the same rule to refinance a home as it is to get a mortgage you need a score of 620 or more??

gmakerley · Posted: Wed Aug 12, 2009 9:05 am Post subject:

yes, db - we are talking fha loans here, of course.

JKennedySLG · Posted: Wed Aug 12, 2009 12:52 pm Post subject:

If you already have an FHA loan, you may be able to qualify for a streamline loan with a score under the 620 mark. As George stated, 620 is the mark we're looking for to qualify via FHA although there are a handful of lenders who will refinance via FHA down to 580 w/ a clean credit profile over the last 12 months. I hope this helps...

JKennedySLG · Posted: Wed Aug 12, 2009 12:54 pm Post subject:

Please be aware that you are paying for not having the 620 credit score though. Whether it be in a higher Interest Rate or Fees. My suggestion would be to work towards the 620 mark and then refinance. I hope this helps...

gmakerley · Posted: Wed Aug 12, 2009 1:48 pm Post subject:

and even our loans cost .25 more if the score is between 620 and 659. we often get regional discounts, so this can be offset in many cases, but it is abundantly clear that good credit scores are essential for borrowers.

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do you need a 620 or more to refinance also